Macy's: quarterly profit beats, outlook reiterated

(CercleFinance.com) - Macy's posted better-than-expected profit for its holiday quarter and reiterated its previously provided full-year 2020 guidance.


On Tuesday, the US department store operator reported net income of 661 million dollars, or 2.12 dollars a share, for the fourth quarter ended 1 February, compared with a 850 million dollars, or 2.73 dollars a share a year ago.

This figure exceeds the consensus.

Net sales fell to 8.33 billion dollars, from 8.45 billion dollars one year ago, but again this was slightly above the 8.30 billion dollars that analysts had expected.

Comparable sales were down 0.5%.

"We executed well during the Holiday 2019 season," said CEO said Jeff Gennette, citing a "meaningful" sales uptick in the 10 shopping days before Christmas.

For the current fiscal year, Macy's said it expected same-store sales to fall 1.5% to 2.5%. It forecasts EPS of 2.20 dollars to 2.40 dollars, excluding gains on asset sales.

Macy's shares were up 1% in pre-market trading after this report.

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