Macy's Inc Stock Up on Mixed Q3 Earnings Results

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Macy's reaffirmed its outlook for full-year comparable sales on an owned basis to decline between 2.2 percent and 3.3 percent, with comparable sales on an owned plus licensed basis to decline between 2.0 percent and 3.0 percent. The decline in sales partly reflects the closure of stores previously announced by the company.

Revenues fell 6.1% from a year ago to $5.28 billion, missing analysts' view for $5.31 billion, however. Total same-store sales fell 3.6%.

It's been a tough year for retail overall, with store closings on pace to top the worst year of the recession and several well-known chains filing for bankruptcy protection due to their debts. "We are better this year than last year, particularly with fulfillment". J.C. Penney said it will open at 2 p.m. on Thanksgiving and stay open until 10 p.m. on Friday. On an adjusted basis, earnings per share were 26 cents, handily topping forecasts for diluted EPS of 19 cents.

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The holiday season, for Macy's, really kicks off with its annual Thanksgiving Day parade. "Shoppers love free shipping and no exclusions on Star Rewards".

"At the same time, we're innovating with new smaller store concepts, rightsizing some of our stores with other retailers and piloting concepts like our initiative with Amazon", Mansell said. "We get the sense that Macy's fixes issues in a piecemeal way and that it lacks a unified vision for the future of the business".

The Street is now looking for earnings of $3.39 per share for the year on revenues of $24.71 billion. The results topped Wall Street expectations, but the bar was set low.

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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.

Macy's, Inc. announced Thursday they suffered another drop in sales and will be closing stores at two more Southern California locations in 2018.

Macy's shares are down more than 50 percent in 2017.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.

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