Macys (M) Misses Q2 EPS by 7c; Trims FY13 EPS, Comps Outlook
Tweet
Share
E-mail
Get Alerts M Hot Sheet
Price: $19.02 --0%
Revenue Growth %: -4.0%
Financial Fact:
Basic earnings per share: 0.05
Today's EPS Names:
RUSHA, SEIC, OSBC, More
Revenue Growth %: -4.0%
Financial Fact:
Basic earnings per share: 0.05
Today's EPS Names:
RUSHA, SEIC, OSBC, More
Join SI Premium – FREE
Macys (NYSE: M) reported Q2 EPS of $0.72, $0.07 worse than the analyst estimate of $0.79. Revenue for the quarter came in at $6.07 billion versus the consensus estimate of $6.28 billion.
On a comparable basis, Macy’s, Inc.'s second quarter sales were down 0.8 percent in 2013 as compared to the second quarter of 2012.
Macys sees FY2013 EPS of $3.80-$3.90, versus prior guidance of $3.90-$3.95 and the consensus of $3.94. The company expects comparable sales in the second half of 2013 to increase in the range of 2.5 percent to 4 percent. This would calculate to a full-year 2013 comparable sales increase of 2 percent to 2.9 percent, which compares to previous guidance for comparable sales to increase by approximately 3.5 percent.
"We had planned our second quarter sales with a lower increase than the first quarter because of a shift in a major promotional event. Even so, second quarter sales performance was softer than anticipated, and we are disappointed with the results. Our performance in the period, in part, reflects consumers' continuing uncertainty about spending on discretionary items in the current economic environment. After a cool spring, we have taken appropriate markdowns and customers are responding favorably. Also on the positive side, we have seen a strengthening of the sales trend in key elements of women's ready-to-wear, a category which has lagged over the past couple of years. Bloomingdale’s sales rebounded in the second quarter, and we are encouraged by our recent momentum," said Terry J. Lundgren, Macy’s, Inc. chairman, president and chief executive officer.
"Going into the third quarter, we also are encouraged by our early read on the back-to-school season. We accelerated receipts of fresh inventory at Macy’s so we could be fully prepared for an early start to the academic year in certain regions of the country. As a result, we are capturing incremental sales opportunities in childrenswear, activewear and Impulse apparel (for the older Millennial customer). We also have intensified Macy's marketing support throughout the second half of the year to emphasize the fashion and value we deliver," Lundgren said. "We believe we have the right strategies in place at Macy’s and Bloomingdale's, particularly in the omnichannel and online initiatives that are driving our business to a new level of shopping accessibility for our customer. Our My Macy’s localization and Magic Selling customer engagement strategies continue to differentiate the Macy’s shopping experience. We have dissected the fall calendar and related merchandise strategies for the second half, and we remain confident about our prospects for growth in the remainder of the year."
For earnings history and earnings-related data on Macys (M) click here.
On a comparable basis, Macy’s, Inc.'s second quarter sales were down 0.8 percent in 2013 as compared to the second quarter of 2012.
Macys sees FY2013 EPS of $3.80-$3.90, versus prior guidance of $3.90-$3.95 and the consensus of $3.94. The company expects comparable sales in the second half of 2013 to increase in the range of 2.5 percent to 4 percent. This would calculate to a full-year 2013 comparable sales increase of 2 percent to 2.9 percent, which compares to previous guidance for comparable sales to increase by approximately 3.5 percent.
"We had planned our second quarter sales with a lower increase than the first quarter because of a shift in a major promotional event. Even so, second quarter sales performance was softer than anticipated, and we are disappointed with the results. Our performance in the period, in part, reflects consumers' continuing uncertainty about spending on discretionary items in the current economic environment. After a cool spring, we have taken appropriate markdowns and customers are responding favorably. Also on the positive side, we have seen a strengthening of the sales trend in key elements of women's ready-to-wear, a category which has lagged over the past couple of years. Bloomingdale’s sales rebounded in the second quarter, and we are encouraged by our recent momentum," said Terry J. Lundgren, Macy’s, Inc. chairman, president and chief executive officer.
"Going into the third quarter, we also are encouraged by our early read on the back-to-school season. We accelerated receipts of fresh inventory at Macy’s so we could be fully prepared for an early start to the academic year in certain regions of the country. As a result, we are capturing incremental sales opportunities in childrenswear, activewear and Impulse apparel (for the older Millennial customer). We also have intensified Macy's marketing support throughout the second half of the year to emphasize the fashion and value we deliver," Lundgren said. "We believe we have the right strategies in place at Macy’s and Bloomingdale's, particularly in the omnichannel and online initiatives that are driving our business to a new level of shopping accessibility for our customer. Our My Macy’s localization and Magic Selling customer engagement strategies continue to differentiate the Macy’s shopping experience. We have dissected the fall calendar and related merchandise strategies for the second half, and we remain confident about our prospects for growth in the remainder of the year."
For earnings history and earnings-related data on Macys (M) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Hilton hikes 2024 earnings outlook as Q1 results beat expectations, shares up
- Hasbro (HAS) Tops Q1 EPS by 33c, offers guidance
- Otis Worldwide (OTIS) Tops Q1 EPS by 1c, provides guidance
Create E-mail Alert Related Categories
Earnings, Guidance, Hot Earnings, Hot Guidance, Management Comments, Retail SalesRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
