Macy's, Inc. (NYSE:M) , one of the leading department store retailers, came out with first-quarter fiscal 2017 results, wherein adjusted earnings of 24 cents per share missed the Zacks Consensus Estimate of 35 cents and also declined 40% from 40 cents per share delivered in the year-ago quarter.
Management reiterated fiscal 2017 guidance. For fiscal 2017, management continues to anticipate earnings in the band of $2.90- $3.15 per share.
Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed downward revisions over the past 7 days. If we look at the Macy's performance in the trailing four quarters (excluding the quarter under review), the company has missed the Zacks Consensus Estimate by an average of 1.4%.
Macy's Inc Price, Consensus and EPS Surprise
Macy's Inc Price, Consensus and EPS Surprise | Macy's Inc Quote
Revenues: Macy's generated net sales of $5,338 million that declined 7.5% year over year and also missed the Zacks Consensus Estimate of $5,469 million. Comparable sales on an owned plus licensed basis declined 4.6% while on an owned basis, comparable sales fell 5.2%.
Macy’s continues to project comps on an owned plus licensed basis to decrease in the band of 2–3% during fiscal 2017. On an owned basis, comps are expected to decline between 2.2% and 3.3%. Management envisions total sales to decline in the band of 3.2–4.3% in fiscal 2017, on account of 66 stores closed in fiscal 2016.
Zacks Rank: Currently, Macy's carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Macy’s shares are down nearly 11% during pre-market trading hours following the earnings release.
Check back later for our full write up on Macy's earnings report!
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Macy's Inc (M): Free Stock Analysis Report
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