The Cincinnati-based retailer said it had earnings of 23 cents a share on revenue of $5.28 billion, down 6.1 percent. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.19 and $5.31 billion in revenue.
Macy's Inc. plans to close its store at Los Angeles' Westside Pavilion mall, as well as two others in California, the retail giant said Thursday as it grapples with consumers' increasing shift to online shopping.
Macy's, which is now executing a broader digital transition, reported a steep revenue decline and a drop in same-store sales despite beating profit estimates.
In light of the setback J C Penney Company Inc (NYSE:JCP) shares suffered late last month after lowering its full-year earnings forecast against a backdrop of the third-quarter earnings shortcoming from Kohl's Corporation (NYSE:KSS), it would have been easy to assume the worst for Macy's Inc (NYSE:M) stock when it reported its Q3 numbers Thursday morning.
Comparable store sales for owned plus licensed stores fell 3.6% in the quarter, and they fell 4% on the company's owned stores.
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Operating income as reported totaled $121 million, representing a margin of 2.1%, compared to operating income of $107 million or 1.9% of sales in the year-ago quarter.
Net sales rose about 2 percent to $3.54 billion.
"A highlight of the third quarter was the launch of the new Star Rewards loyalty program - our best customers are responding positively", Gennette said. We also saw continued double-digit growth in digital and are encouraged by the potential of Backstage in Macy's stores. The company touted a small comparable store sales increase, saying the traffic momentum it experienced in the first half of the year continued in the period. "Sales at Bloomingdale's were stronger than Macy's, particularly in the home category". Total comparable sales are expected to decline within a range of 2.2% to 3.3% in 2017. Simply put, Macy's shares rising on a mostly disappointing third quarter emphasize just how far its stock has fallen over the past year. The high price target was $36 and the low was $20.
"The business still has many structural issues to tackle as we embark on the next five years of our transformation, in the context of a very challenging retail and consumer environment".
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