UBS Remains Sidelined on Macy's (M) Following 2Q Beat and Announced Store Closures

Macy’s, Inc. Reports Second Quarter Earnings and Reaffirms Full-Year Guidance

CINCINNATI--(BUSINESS WIRE)-- Macys, Inc. (NYSE: M) today reported diluted earnings per share of 3 cents in the second quarter of 2016, ended July 30, 2016. Excluding asset impairment and other charges primarily related to upcoming store closings and non-cash retirement plan settlement charges of $255 million, or 51 cents per share (as described below), second quarter earnings per share were 54 cents per share. The companys earnings for the second quarter of 2016 compare with 64 cents per diluted share in the second quarter of 2015.

The company also reaffirmed its previous sales and earnings guidance for full-year 2016.

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Macy’s, Inc. Outlines Moves to Drive Profitable Growth and Enhance Shareholder Value

CINCINNATI--(BUSINESS WIRE)-- Macys, Inc. (NYSE: M) today outlined a series of initiatives to drive profitable growth, enhance shareholder value and strengthen Macys as Americas preferred omnichannel shopping destination. The company will heighten the Macys brand with exclusive products and an improved shopping experience. Plans also include re-creating Macys physical store presence as customer shopping preferences and patterns evolve, reallocating investments to highest-growth-potential store and digital businesses, and capitalizing on opportunities within the companys real estate assets.

(Editors Note: Macys, Inc. this morning also issued a separate news... More