- Macy's (NYSE:M) reports comparable sales on an owned basis were 1.3% higher in Q4 and 1.4% higher on an owned plus licensed basis.
- Operating income soared to $1.213B during the quarter to account for 14.0% of sales vs. 9.6% a year ago.
- Looking ahead, Macy's expects comparable sales on both an owned and an owned plus licensed basis to be flat to up 1%. Total sales are expected to be down between 0.5% and 2%. FY18 EPS of $3.55 to $3.75 is seen vs. $3.04 consensus.
- Real estate update: "Heading into fiscal 2018, Macy's, Inc. continues to opportunistically evaluate its real estate portfolio to identify opportunities where the redevelopment value of its real estate exceeds that of non-strategic operating locations. The company also continues to focus on creating additional value from its flagship stores while adding vitality to the retail experience."
- Shares of Macy's are up 9.2% in premarket action on volume of over 33K shares.
- Previously: Macy's beats by $0.11, misses on revenue (Feb. 27)
- Now read: Macy's Decision To Sell Hijabs Could Be A Step Toward Broader Profits
Original article