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Macy's Delivers Mixed Quarterly Results, Reaffirms Earnings Outlook

Shares of Macy's were higher on Thursday after reaffirming its earnings guidance for the year.

Shares of Macy's (M) - Get Macy's Inc Report were higher on Thursday after the apparel retailer reaffirmed its earnings guidance for the year. The retailer's earnings, excluding one-time items, came in at $0.17 a share, which was well below analysts' expectations. Revenue of $5.6 billion was relatively in-line with expectations. CEO Terry Lundgren says that strengthening trends across the apparel business, coupled with new initiatives like tech watches from Apple (AAPL) - Get Apple Inc. Report , Michael Kors (KORS) and others, are good indicators for an improved performance in the fourth quarter. Macy's confirmed its full-year earnings outlook of $3.15 to $3.40 a share. It sees comparable sales in range of 2.5% to 3%, which is lower than its prior outlook. The retailer also announced that it has signed a contract to sell a San Francisco location for $250 million. The transaction is expected to close in January, and Macy's will realize a gain of about $235 million in January 2018. The company has also partnered with Brookfield Asset Management to re-develop as many as 50 real estate assets.

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