Macy's slips despite earnings beat, guidance hike

Nov. 14, 2018 8:15 AM ETMacy's, Inc. (M)By: Clark Schultz, SA News Editor35 Comments
  • Macy's (NYSE:M) reports owned basis comparable sales rose 3.1% in Q3 to top the consensus estimate for a rise of 2.5%. Comparable sales were up 3.3% on an owned + license basis.
  • The company's gross margin rate was up 50 bps to 39.9% of sales. Cost of sales rose 30 bps to 41.7% of sales. Operating income improved 30 bps to 2.7% of sales. Adjusted EBITDA was $407M vs. $423M a year ago.
  • Macy's sees revenue growth of +0.3% to +0.7% vs. +0.3% to +0.7% prior outlook and +0.9% consensus. The department store operator boosts its annual profit guidance by $0.15 to $4.10 to $4.30 vs. $3.95 to $4.15 prior and $4.07 consensus. Management says the right merchandise and right marketing is in place for the holiday season.
  • Shares of Macy's are down 2.5% in premarket trading to $34.88.
  • Previously: Macy's beats by $0.12, revenue in-line (Nov. 14)

Recommended For You

Comments (35)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.