Macy’s reports fiscal Q2 2019 earnings


Shoppers cram into a Macy’s store ahead of the holidays.

Charles Sykes | AP

Macy’s is set to report fiscal second-quarter earnings before the bell on Wednesday.

Here’s what analysts are expecting:

  • Earnings per share: 45 cents, adjusted
  • Revenue: $5.54 billion
  • Same-store sales: up 0.4%, on an owned plus licensed basis

Department stores are increasingly under pressure with more people shopping online, renting clothes and accessories from places like Rent the Runway and buying directly from brands instead of going to the mall. Macy’s certainly hasn’t been immune to these struggles. Though the company has been trying to refresh its stores, amass more loyal customers through its updated app and membership program, and is adding stop-in shops to some locations for popular brands.

Credit Suisse already warned earlier this month department stores could be in for a “sobering” holiday season, calling out the fact that, at Macy’s in particular, the second quarter was “much more promotional than planned.”

Retailers also have been pressured by the threat of tariffs on a wide range of consumer goods made in China. A 10% tariff was set to go into effect on Sept. 1 on clothing, apparel and other items, but has been delayed until Dec. 15.

Macy’s shares are down more than 50% from a year ago. The stock, which is valued at $6 billion, fell to a 52-week low of $18.86 on Tuesday.

This is a developing story. Please check back for updates.

Source link

Products You May Like

Articles You May Like

AmEx profit beats Wall Street estimates on higher consumer spending
Operation Hope founder John Hope Bryant defends capitalism
Holiday Inn-owner IHG reports drop in quarterly revenue per room
Fisher Investments losses hit $1.3 billion in pension assets
Bank of America Earnings Q3 2019 beat on profits

Leave a Reply

Your email address will not be published. Required fields are marked *