Macy's (M) - Get Report said earnings for the three months ending on November 2 came in at 7 cents per share, down nearly 75% from the same period last year but 7 cents ahead of the Street consensus forecast. Group revenues, Macy's said, fell 4.2% to $5.17 billion, but came in shy of analysts' estimates of a $5.32 billion tally.
Same-store sales fell 3.5%, Macy's said, well shy of the 1% decline forecast by analysts that cover the company, and Macy's said it now sees full-year earnings in the region of $2.57 to$2.77 per share, down around 30 cents from its prior forecasts. Full-year sales will likely fall by 2.5% from last year's $24.971 billion total, compared to the company's prior forecast of a flat 2019.
"Our third-quarter sales were impacted by the late arrival of cold weather, continued soft international tourism and weaker than anticipated performance in lower-tier malls," said CEO Jeff Gennette.
Senior portfolio analyst with Action Alerts PLUS, Jeff Marks, explained that weather is something that "all retailers face collectively" and he also noted that Target (TGT) - Get Report , which reported its quarter Wednesday morning, did not seem to be impacted by the weather.
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