Macy's: cuts profit forecast, shares drop
(CercleFinance.com) - Macy's cut its full-year profit forecast on Thursday after posting comparable sales growth of just 1.
1% for the Holiday season.
The department store operator said it now expects full-year 2018 EPS of between 3.95 dollars and 4 dollars, against a previous forecast EPSof between 4.40 dollars and 4.30 dollars.
The company also said it expects same-store sales to increase by approximately 2%, from a previous forecast for growth of 2.3% to 2.5%.
Same-store sales, which include license agreements, rose 1.1% in the November-December period.
In its statement, Macy's cited poor performance in categories such as women's sportswear, jewelry, fashion watches and cosmetics, as well as the impact of promotions.
The company's shares have fallen by up to 18% after this update.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
1% for the Holiday season.
The department store operator said it now expects full-year 2018 EPS of between 3.95 dollars and 4 dollars, against a previous forecast EPSof between 4.40 dollars and 4.30 dollars.
The company also said it expects same-store sales to increase by approximately 2%, from a previous forecast for growth of 2.3% to 2.5%.
Same-store sales, which include license agreements, rose 1.1% in the November-December period.
In its statement, Macy's cited poor performance in categories such as women's sportswear, jewelry, fashion watches and cosmetics, as well as the impact of promotions.
The company's shares have fallen by up to 18% after this update.
Copyright (c) 2019 CercleFinance.com. All rights reserved.