Macy's (NYSE:M) is expected to report Q2 earnings before the open on Wednesday, August 8, with a conference call scheduled for 10:30 am ET.
Analysts are looking for EPS of 64c on revenue of $6.12B. The consensus range is 61c-66c for EPS, and revenue of $6.06B-$6.17B, according to First Call. On August 2, the retailer reported a Q2 same-store sales increase of 3% on total Q2 sales of $6.119B. The company also said June SSS increased 1.2% and July SSS were up 4.1%. On July 5, Macy's reiterated FY12 EPS guidance of $3.25-$3.30, consensus $3.35, on SSS up approximately 3.7%. The company said it planned to buy back at least $1B in shares this year. During the quarter, Macy's was granted a preliminary injunction and temporarily blocked Martha Stewart Living Omnimedia's (NYSE:MSO) plans to sell certain branded products at J.C. Penney (NYSE:JCP) stores. CEO Terry Lundgren told CNBC that he feels "good" about the company's growth, and that Macy's doesn't have the same issues as Tiffany & Co (NYSE:TIF). Analysts and investors will listen for comments from the company on J.C. Penney's new pricing strategy and whether it continues to benefit, as well as any insight into the back-to-school shopping period.