NEW YORK (TheStreet) -- Macy's (M) stock is retreating 1.53% to $66.50 in pre-market trading on Wednesday after the company reported its fiscal 2015 second quarter earnings results that missed analysts' estimates.
For the second quarter ended August 1, the department store chain earned 64 cents per share on revenue of $6.1 billion.
Analysts had forecast the company to report earnings of 76 cents per share on revenue of $6.23 billion, according to a Thomson Reuters survey.
In the same period the previous year, the company reported earnings of 80 cents per share on revenue of $6.27 billion.
"We are disappointed in our second quarter results, which were impacted by a variety of factors, both internal to the company and in the macroeconomic environment," CEO Terry J. Lundgren stated.
Strong U.S. dollar and overall restrain in consumer demand in many of its categories weighed down on its sales, the company said.
Additionally, a major Friends & Family promotional event was removed from the company's calendar.
Going forward Macy's is lowering its full year 2015 guidance for comparable sales to flat from its previous guidance of a growth of 2%.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on Macy's earnings this morning saying: "Sales were very disappointing and they cited tourism decline because of the strong dollar and I believe that, given that so much of their business is in Herald Square. Wait to see the numbers and then maybe do some buying because they might sell some real estate."
Macy's is a retail company based in Cincinnati. The company operates its stores under the names of Macy's, Bloomingdale's, Bloomingdale's Outlet and Bluemercury.
Separately, TheStreet Ratings team rates MACY'S INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MACY'S INC (M) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: M Ratings ReportM data by YCharts