Macy’s Inc (NYSE: M) reported adjusted second-quarter earnings of 28 cents per share, which missed the analyst consensus estimate of 46 cents. This is a 60% decrease over earnings of 70 cents per share from the same period last year.
The company reported quarterly sales of $5.546 billion, which missed the analyst consensus estimate of $5.55 billion. This is a 0.47% decrease over sales of $5.572 billion the same period last year.
Macy’s cut fiscal year 2019 EPS guidance from $3.05-$3.25 to $2.85-$3.05 versus the $3.07 estimate.
“Macy’s, Inc. delivered another quarter of comparable sales growth,” said CEO Jeff Gennette. “That said, we had a slow start to the quarter and finished below our expectations. Rising inventory levels became a challenge based on a combination of factors: a fashion miss in our key women’s sportswear private brands, slow sell-through of warm weather apparel and the accelerated decline in international tourism. We took markdowns to clear the excess Spring inventory and are entering the Fall season with the right inventory to meet anticipated customer demand.”
Macy’s shares were trading down 12.7% at $16.91 in Wednesday’s pre-market session. The stock has a 52-week high of $41.99 and a 52-week low of $18.86.
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Source:: Daily Times