Macy’s Inc Q2 2017 Earnings, Sales Beat Estimates

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Macy’s Inc Q2 2017 Earnings, Sales Beat Estimates
By Macy's Inc./ Fairlyoddparents1234 [Public domain], via Wikimedia Commons

Macy’s Q2 2017 earnings were released before opening bell this morning. The department store operator reported adjusted earnings of 48 cents per share on $5.55 billion in sales, while the consensus stood at 46 cents per share and $5.52 billion in revenue. In last year’s second quarter, Macy’s reported $5.87 billion in sales and adjusted earnings of 54 cents per share.

Macy’s Q2 2017 earnings

On a reported basis, Macy’s Q2 2017 earnings per share rose to 38 cents from 3 cents per share in the year-ago quarter. Same store sales fell 2.8% on an owned basis and 2.5% on an owned plus licensed basis. The consensus was expecting a 3.3% decline in same store sales. Macy’s said part of the year-over-year decline in revenue is due to store closures.

“We saw a notable contribution from the full execution of our new women’s shoe and jewelry models and the continued successful testing of Backstage in store,” Macy’s President and CEO Jeff Gennette said in a statement. “We are excited about plans for fall, including the launch of a new loyalty program and the new marketing strategy, which we anticipate will further improve our sales trend in the back half of the year.”

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