Macy's reports mixed third-quarter results, raises its full-year guidance (M)

pulse

November 14, 2018 1:22 PM

Macy's reported third-quarter earnings that topped Wall Street estimates, and net revenue that just missed.

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The retailer raised its full-year adjusted earnings-per-share guidance.
Shares were little changed following the results.

Macy's reported mixed third-quarter results, and raised its full-year earnings-per-share guidance. Shares were little changed ahead of Wednesday's opening bell.

The retailer said it earned an adjusted $0.27 a share on net revenue of $5.4 billion, compared to the $0.14 and $5.41 billion that analysts surveyed by Bloomberg were expecting. Asset sales added about $0.10 in adjusted earnings per share. Owned plus licensed comps jumped 3.3% versus a year ago, outpacing the 2.8% gain that was anticipated.

"Our strategic initiatives are gaining momentum and delivering results," Macy's Chairman and CEO Jeff Gennette said in the press release.

"Another double-digit quarter from our digital business and a strong stores performance combined to help us exceed expectations. We continue to see an improved trend in brick and mortar across the fleet with particularly strong results from our Growth50 stores."

Looking ahead, Macy's raised its full-year adjusted EPS guidance to between $4.10 and $4.30 a share. It had previously expected a range of $3.95 to $4.15.

Macy's was up 42% this year through Tuesday.