Before the start of Tuesday's session on Wall Street, the American retail giant Macy's (M.US) presented its quarterly earnings. The company reported better-than-expected EPS earnings, although the revenues for Q1 fell below expectations. What may please Macy's investors is the slightly higher profit forecasts for this fiscal year.
The results will alleviate pressure on CEO Tony Spring and may help convince shareholders and board members that he deserves more time to implement the company's restructuring. Furthermore, the published results may reduce interest in the $6.6 billion buyout offer from activist investor Arkhouse Management Co. and Brigade Capital Management, at least in the short term.
إبدأ بالإستثمار اليوم أو تدرّب على حساب تجريبي
إنشاء حساب حساب تجريبي تحميل تطبيق الجوال تحميل تطبيق الجوالHere are the details from the published report:
Full-Year Forecast:
- Adjusted EPS: $2.55 to $2.90 (previously estimated: $2.45 to $2.85; analysts expected: $2.62)
- Net sales: $22.3 billion to $22.9 billion (previously estimated: $22.2 billion to $22.9 billion; analysts expected: $22.64 billion)
Q1 Results:
- Adjusted EPS: $0.27 (compared to $0.56 YoY; analysts expected: $0.14)
- EPS: $0.22 (compared to $0.56 YoY)
- Net sales: $4.8 billion (a decrease of 3.7% YoY; analysts expected: $4.81 billion)
- Gross margin: 39.2% (compared to 40% YoY; analysts expected: 39.6%)
- SG&A costs: $1.9 billion (a decrease of 2.6% YoY; analysts expected: $1.98 billion)
Early indications suggest that Macy's shares will start today's trading nearly 3.2% higher intraday. Source: xStation
