The Cincinnati-based retailer lowered its full-year 2015 earnings guidance to a range between $3.54 per share to $3.59 per share, versus its previous guidance for earnings between $3.85 per share and $3.90 per share. Fourth quarter earnings are expected to be between $1.85 per share to $1.90 per share, versus prior guidance of earnings between $2.18 and $2.23, Macy's said.
Macy's lowered its guidance to due a change in timing related to the sale of its Fulton Street retail store in Brooklyn. Macy's now expects to receive $86 million related to partial sale during the 2015 fourth quarter and $164 million during fiscal 2016.
The company previously expected to receive $250 million during the fourth quarter from the deal, the Wall Street Journal reports.
Under the terms of the deal, the retailer will own and operate the Brooklyn store's first four flours and real estate company TishmanSpeyer will buy the remaining 10 floors of space, the company said in a statement on Friday.
Macy's stock is up by 2.03% to $40.39 in late afternoon trading on Friday.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its notable return on equity and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.
You can view the full analysis from the report here: M