(RTTNews.com) – Department retailer chain Macy’s Inc. ( M ) on Thursday reported a revenue for the third quarter that greater than doubled from final 12 months as decrease prices and bills greater than offset a decline in gross sales.
Adjusted earnings per share beat badysts’ expectations, whereas revenues missed their estimates. Looking forward, the corporate reiterated its monetary outlook for fiscal 2017.
The firm’s third-quarter web revenue was $36 million or $zero.12 per share, up from $17 million or $zero.05 per share within the prior-year quarter.
Net gross sales for the quarter declined 6.1 % to $5.28 billion from $5.63 billion within the year-ago interval and missed badysts’ consensus estimate of $5.31 billion. The decline in gross sales partly displays the closure of shops beforehand introduced by the corporate.
Comparable gross sales development, on an owned plus licensed foundation, declined three.6 %. On an owned foundation, comparable gross sales declined by four.zero %.
For fiscal 2017, Macy’s reiterated its beforehand introduced outlook. As beforehand introduced in August, the corporate expects a $zero.01 enhance in adjusted earnings per share because of the restructuring of its merchandising operations.
Macy’s expects adjusted earnings per share between $three.38 and $three.63, excluding the impression of the anticipated settlement prices badociated to outlined profit plans and premiums and costs related to debt repurchases.
Excluding the impression of the anticipated fourth-quarter acquire on the sale of the Union Square Men’s constructing in San Francisco and the anticipated settlement prices, adjusted earnings per share of $2.91 to $three.16 are anticipated in 2017.
Macy’s reaffirmed its outlook for full-year comparable gross sales on an owned foundation to say no between 2.2 % and three.three %, with comparable gross sales on an owned plus licensed foundation to say no between 2.zero % and three.zero %.
Total gross sales for the 12 months are anticipated to be down between three.2 % and four.three %.
The Street is at present searching for earnings of $three.39 per share for the 12 months on revenues of $24.71 billion.
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