Macy’s Inc (NYSE:M) stock was up on Thursday after the retail company reported mixed earnings for the third quarter of the year.
Macy’s Inc’s mixed earnings for the third quarter of 2017 starts off with earnings per share of 23 cents. This is an increase over its earnings per share of 17 cents from the same time last year. It was also a blessing fro M stock by beating out Wall Street’s earnings per share estimate of 19 cents for the quarter.
Revenue reported by Macy’s Inc in the third quarter of the year was $5.28 billion. This is a drop from its revenue of $5.63 billion reported in the third quarter of 2016. It also came in below analysts’ revenue estimate of $5.31 billion for the third quarter of 2017.
“A highlight of the third quarter was the launch of the new Star Rewards loyalty program – our best customers are responding positively,” Jeff Gennette, CEO of Macy’s Inc, said in a statement. “We also saw continued double-digit growth in digital.”
Macy’s Inc also took time in its earnings report for the third quarter to reaffirm its guidance for the full year of 2017. It is expecting earnings per share for the year to range from $3.38 and $3.63. M notes that this includes a benefits from its planned sale of the Union Square Men’s building in San Francisco during its fourth quarter. Wall Street is estimating earnings per share of $3.39 for the year.
M stock was up 7% as of Thursday morning, but it is down 48% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
