Categories Analysis, Retail, U.S. Markets News

Macy’s stock stumbles on lowered FY18 outlook

Macy’s Inc (M) reported holiday sales results for the month of November/December 2018 and cut down its outlook for FY18 from the earlier forecast announced in November. Shares of Macy’s plunged more than 15% in the pre-market trading on Thursday.

Macy's lowers FY18 outlook, reports holiday sales

For the November/December 2018 period, comparable sales of Macy’s owned and licensed stores modestly grew by 1.1%. Comp sales in the owned stores had a slight growth of 0.7%.

Related: Macy’s Q3 2018 earnings conference call transcript

The Cincinnati-based department store chain lowered its earnings and sales outlook for FY18. The company cut down comparable sales (owned plus licensed) forecast to approx +2% versus the previous forecast of +2.3% to +2.5% which was announced in November 2018. The company currently estimates sales to be flat compared to the earlier outlook of +0.3% to 0.7%. EPS outlook was reduced to $3.95 to $4.00 from the prior guidance of $4.10 to $4.30.

Macy’s Inc Q3 2018 Earnings Infograph

“The holiday season began strong – particularly during Black Friday and the following Cyber Week, but weakened in the mid-December period and did not return to expected patterns until the week of Christmas,” said CEO Jeff Gennette.

Macy’s stock had dropped 3% in the last months and had gained 28% in the last 12 months. In the past 52 weeks, Macy’s shares have been trading between $22.47 and $41.99.

Macy’s will report its fourth quarter 2018 earnings results on February 26, 2019, before the market opens.

 

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Key highlights from Deere & Co.’s (DE) Q4 2024 earnings results

Deere & Company (NYSE: DE) reported its fourth quarter 2024 earnings results today. Worldwide net sales and revenues decreased 28% year-over-year to $11.14 billion. Net income was $1.24 billion, or

NVDA Earnings: Nvidia Q3 profit jumps, beats estimates

NVIDIA Corporation (NASDAQ: NVDA) on Wednesday reported a sharp increase in adjusted profit and revenue for the third quarter of 2025. Earnings also topped analysts' estimates. The tech firm’s revenues

Lowe’s Companies (LOW): A few points to note about the Q3 2024 performance

Shares of Lowe’s Companies, Inc. (NYSE: LOW) rose over 1% on Wednesday. The stock has gained 8% over the past three months. The company delivered better-than-expected earnings results for the

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top