Macy’s Inc (NYSE:M) stock was falling today following the release of its earnings report for the second quarter of 2017.
Macy’s Inc reported earnings per share of 48 cents for the second quarter of 2017. This is down from its earnings per share of 54 cents from the second quarter of 2016. However, it did come in above Wall Street’s earnings per share estimate of 46 cents for the quarter.
Revenue reported by Macy’s Inc in the second quarter of 2017 was $5.55 billion, which was also a bad sign for M stock. This is a decline from the retailer’s revenue of $5.87 billion that was reported during the same time last year. Despite the drop, it did still come in above analysts’ revenue estimate of $5.52 billion.
Macy’s Inc also reaffirmed its guidance for fiscal 2017. This has it expecting revenue for the year to be down by 3.2% to 4.3% from last year. 2016 revenue was $25.78 billion, which was a 4.8% drop from revenue in 2015. Wall Street is expecting revenue of $24.67 billion for 2017.
Macy’s Inc also says that it expects earnings per share for 2017 to range from $2.90 to $3.15. This excludes expected gains in the fourth quarter from the sale of its Union Square Men’s building in San Francisco. Analysts are looking for earnings per share of $3.29 for the year.
Kohl’s Corporation (NYSE:KSS) is another retailer that saw its stock drop today despite beating estimates for the second quarter of 2017. Pressure on the retail segment from online rivals and declining mall traffic likely aren’t helping the stocks.
M stock was down 9% as of Thursday afternoon and is down 41% year-to-date.
