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Macy’s Profits Blow Past Forecasts Despite Soft Holiday Quarter

Shares for Macy’s Inc. are jumping in premarket trading after the company posted fourth-quarter profits that blew past forecasts.
The department store chain, which has recently enacted strategic initiatives to upend digital competition and boost in-store experiences, said today its fourth-quarter adjusted profits fell 4 percent year over year to $2.73 per share — but were significantly higher than the $2.53 per share market watchers predicted. (Reported profits were $2.37 per diluted share, compared with $4.38 in the same period last year.)
Macy’s revenues were in line with analysts’ expectations, at $8.5 billion, with comparable sales (on an owned-plus-licensed basis) up 0.7 percent. On an adjusted basis, comps were up 2 percent.
CEO Jeff Gennette said the firm’s strategic initiatives gained steam toward the second half of the fiscal year — although the company’s results for the holiday season fell short.
“2018 was an important year for Macy’s Inc. as we changed the trajectory of the company and delivered positive comparable sales for the full year. I’m pleased with the impact of our strategic initiatives,” Genette said in a statement. “Looking at the fourth quarter of 2018, while we delivered positive comparable sales against what was a strong holiday season in 2017, results were

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Via:: https://footwearnews.com/2019/business/earnings/macys-q4-2018-earnings-sales-profit-1202752357/