Macy's (M) Tops Q3 EPS by 5c; Comps Outpace; Forms Alliance with Brookfield Asset Management
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Macy’s, Inc. Reports Third Quarter Earnings, Reaffirms Full-Year EPS Guidance; Raises Full–Year Sales Guidance
November 10, 2016 8:00 AM ESTCINCINNATI--(BUSINESS WIRE)-- Macys, Inc. (NYSE: M) today reported diluted earnings per share of 5 cents in the third quarter of 2016 ended October 29, 2016. Excluding non-cash retirement plan settlement charges of $62 million, or 12 cents per diluted share (as described below), third quarter earnings per share were 17 cents. The companys earnings for the third quarter of 2016 compare with 36 cents per diluted share in the third quarter of 2015, or 56 cents per diluted share excluding asset impairment and other charges of $111 million, or 20 cents per diluted share, primarily related to store closings.
The company also reaffirmed its previous... More
Macy’s, Inc. Forms Strategic Alliance with Brookfield Asset Management to Expand Opportunities to Enhance Real Estate Portfolio Value
November 10, 2016 8:00 AM ESTCINCINNATI--(BUSINESS WIRE)-- Consistent with its previously announced strategy, Macys, Inc. (NYSE: M) today announced it is forming a strategic alliance with Brookfield Asset Management, a leading global alternative asset manager, to create increased value in its real estate portfolio.
Brookfields investments in real estate span all major sectors - retail, office, multi-family, industrial and hospitality. Brookfield is one of the few firms with both the capital and the operating capability required for this type of partnership. Together, the companies believe they will be able to realize the development potential of Macys... More
