Macy's : Lowers Full-Year Profit Outlook; Shares Fall
08/14/2019 | 08:53am EDT
By Aisha Al-Muslim
Macy's Inc. lowered its full-year earnings outlook after missing profit expectations in the latest quarter, even though the retailer reported growth in a key sales metric.
For the current fiscal year, Macy's lowered its earnings guidance by 20 cents. Excluding settlement charges, impairment and other costs, the company now forecasts adjusted earnings per share of $2.85 to $3.05 for the year, compared with its previous estimate of $3.05 to $3.25.
The stock fell 12.5% to $16.94 in premarket trading Wednesday. Shares are down about 54% in the last 12 months.
Despite the expected fall in profit, Macy's reaffirmed its annual sales guidance. The company still expects net sales to be roughly flat from the last fiscal year, with comparable sales to be flat to up 1%.