Macy's Inc.'s (M) tough week wasn't improving Friday as the stock fell another 1% to $25.83 after the department store operator revised its fiscal 2018 sales and earnings guidance lower while also reporting weak holiday season sales.
Macy's had its worst day of trading ever on Thursday following the release, falling nearly 18% during the session.
These developments led to three different analyst firms lowering their price targets on the retailer.
Analysts at CFRA cut the company's price target to $33 from $38 a share, while Cowen lowered its price target to $26 from $3t, and UBS lowered its price target to $28 from $31.
Macy's said Thursday it now expects comparable-store sales to increase 2% in the year, down from its previous estimate of between 2.3% and 2.5%. Net sales are now expected to be flat year over year, down from the previous estimate of a 0.3% to 0.7% increase, Macy's said.
Earnings are expected be between $3.95 and $4 a share, lower than its previous expectations of earnings between $4.10 and $4.30.
"We are revising the guidance we provided in November and will continue to take the necessary steps in January to ensure a clean inventory position as we enter fiscal 2019," CEO Jeff Gennette said Thursday. "Looking back at 2018, we met our goal of returning the company to growth. Our revised guidance is above the expectations we set at the start of the fiscal year, and we expect to deliver our fifth consecutive quarter of positive comparable sales, including 'comping the comp' of the 2017 holiday season."
The downward revisions were a part of the company's announcement of its holiday season sales results. The company's total comps at licensed and fully owned stores rose 1.1% in November and December but the growth was below estimates.
Macy's isn't the only retailer riding the struggle bus: