Macy's (M) Tops Q4 EPS by 16c, Reiterates 2020 Guidance
Macy's (NYSE: M) reported Q4 EPS of $2.12, $0.16 better than the analyst estimate of $1.96. Revenue for the quarter came in at $8.34 billion versus the consensus estimate of $8.32 billion.
Annual comparable sales of (0.8)% on an owned basis; (0.7)% on an owned plus licensed basis. Fourth quarter comparable sales of (0.6)% on an owned basis; (0.5)% on an owned plus licensed basis.
“Taken as a whole, 2019 did not play out as we intended for Macy's, Inc. However, we executed well during the Holiday 2019 season. We were pleased with the significant trend improvement in the fourth quarter, including a meaningful sales uptick in the 10 shopping days before Christmas. Together with disciplined expense management, our solid sales results in the fourth quarter allowed us to deliver stronger-than-expected earnings results. Importantly, we exited the year with a clean inventory position,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.
- reiterates previously provided 2020 guidance
Fiscal 2020 | |
Net Sales | $23.6B to $23.9B |
Comparable Sales | |
Owned | Approximately 40 basis |
Owned plus licensed | (2.5)% to (1.5)% |
Adjusted diluted earnings per share | $2.45 to $2.65 |
Asset sale gains | Approximately $100M |
Adjusted diluted earnings per share, excluding asset sale | $2.20 to $2.40 |
Annual tax rate | 23.25% |
For earnings history and earnings-related data on Macy's (M) click here.