Macy’s stock drops despite earnings beat
August 15, 2018
Macy’s Inc. (M) beat analyst expectations on sales and earnings numbers for the second quarter of 2018, despite sales seeing a slight decline from the prior-year period. The company also raised its earnings outlook for the full year of 2018. The stock, however, dropped 5% in premarket trade.
The retailer reported net sales of $5.57 billion for Q2 2018, down 1.1% from the same period last year. Comparable sales on an owned basis were flat – while, on an owned plus licensed basis, they were up 0.5%. Comp sales on an owned plus licensed basis beat market estimates.
Net income attributable to shareholders was $166 million or $0.53 per share compared to $111 million or $0.36 per share last year. Adjusted net income was $185 million or $0.59 per share.
