Macy’s (NYSE:M) earnings for the retail chain’s third quarter of 2019 have M stock down on Thursday. This is despite its adjusted EPS of 7 cents, which beats out falt estimates from Wall Street. However, its revenue of $5.17 billion is below analysts’ estimates of $5.32 billion for the quarter.
Let’s take a closer look at the most recent Macy’s earnings report.
- Adjusted earnings per share are 74.07% worse than the 27 cents reported during the same time last year.
- Revenue is down 4.26% from $5.40 billion in the third quarter of 2018.
- Operating income of $52 million is 64.63% worse YoY from $147 million.
- The Macy’s earnings report also includes a net income of $2 million.
- That’s a 96.77% drop from net income of $62 million in the same period of the year prior.
Jeff Gennette, Chairman and CEO of Macy’s, says this about the Q3 M stock earnings.
“After seven consecutive quarters of comparable sales growth, we experienced a deceleration in our third quarter sales. While we anticipated a negative comp as we were lapping a very strong third quarter last year, the sales deceleration was steeper than we expected.”
More bad news from the Macy’s earnings report comes in the form of a guidance update for 2019. The company now expects adjusted per-share earnings to range from $2.57 to $2.77 with revenue down 2.50% to 2%. Wall Street is expecting earnings per share of $2.79 for the year.
M stock was down 1.80% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.