Macy's, Inc. (M - Free Report) , one of the leading department store retailers, came out with third-quarter fiscal 2016 results, wherein adjusted earnings of 17 cents per share missed the Zacks Consensus Estimate of 40 cents and also declined 69.6% from 56 cents per share delivered in the year-ago quarter.
For fiscal 2016, management continues to anticipate earnings in the band of $3.15- $3.40 per share, in comparison to $3.77 per share earned in the fiscal 2015.
Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has been witnessing upward revisions over the past 30 days. If we look at the Macy's performance in the trailing four quarters (excluding the quarter under review), the company has missed the Zacks Consensus Estimate by an average of 16.3%.
Revenues: Macy's generated net sales of $5,626 million that declined 4.2% year over year but came marginally ahead of the Zacks Consensus Estimate of $5,625 million. Comparable sales on an owned plus licensed basis dipped 2.7% while on an owned basis, comparable sales fell 3.3%.
For fiscal 2016, Macy’s now projects comps on an owned plus licensed basis to decline in the band of 2.5–3% during fiscal 2016, while on an owned basis, comps are expected to be roughly 50 basis points below.
Zacks Rank: Currently, Macy's carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stock Movement: Macy’s shares are up nearly 1.6% during pre-market trading hours following the earnings release.
Check back later for our full write up on Macy's earnings report!
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