Macy's (M) Misses Q1 EPS by 10c, Owned Comps Decline 5.2%

Macy's (NYSE: M) reported Q1 EPS of $0.24, $0.10 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $5.34 billion versus the consensus estimate of $5.47 billion.

Comparable sales on an owned basis were down 5.2 percent in the first quarter and down 4.6 percent on an owned plus licensed basis.

Looking Ahead

Macy’s, Inc. affirms its previously provided guidance for full-year 2017. The company expects 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. Total sales are expected to be down between 3.2 percent and 4.3 percent in fiscal 2017. Total sales for fiscal 2017 reflect a 53rd week, whereas comparable sales are on a 52-week basis. Adjusted diluted earnings per share of between $3.37 and $3.62 are expected in 2017, excluding the impact of the anticipated settlement charges related to the company’s defined benefit plans and premiums and fees associated with debt repurchases.

Excluding the impact of the anticipated fourth quarter gain on the sale of the Union Square Men’s building in San Francisco, the anticipated settlement charges related to the company’s defined benefit plans and premiums and fees associated with debt repurchases, adjusted diluted earnings per share of $2.90 to $3.15 are expected in 2017.

For earnings history and earnings-related data on Macy's (M) click here.

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