Online Shoppers Couldn’t Save Macy’s
Macy’s Inc.’s (NYSE:M) fiscal third-quarter earnings surged as the retailer again benefited from strong demand by online shoppers and improved same-store sales. Analysts surveyed by Thomson Reuters currently expect $1.66.
Macy’s (NYSE:M), a mid-level department store, has been largely outpacing its competitors, booking stronger than expected sales in September, though lighter than anticipated in October. For the year, the department store operator once more raised its outlook, now seeing earnings of $2.70 to $2.75 a share, up from its prior forecast for earnings of $2.60 to $2.65 a share. Macy’s earlier this month reported sales for the third quarter rose 4.1% to $5.85 billion, narrowly missing analyst expectations, but the retailer continues to experience solid demand from shoppers online, helping it post a 40% leap in online sales in the third quarter.
“Separately Wednesday, Macy’s (NYSE:M) disclosed plan to open three new Macy’s (NYSE:M) stores–two in New York and one in California. The company currently operates about 850 department stores in 45 states under the names of Macy’s (NYSE:M) and Bloomingdale’s, along with seven Bloomingdale’s Outlet stores,” according to MarketWatch.
Here’s how Macy’s (NYSE:M) is trading now:
- Macy’s, Inc. (NYSE:M): The shares recently traded at $30.70, down $1.46, or 4.54%. Its market capitalization is $13.11 billion. They have traded in a 52-week range of $21.69 to $32.67. Volume today was 11,378,994 shares versus a 3-month average volume of 9,673,000 shares. The company’s trailing P/E is 12.61, while trailing earnings are $2.43 per share. The company pays a dividend of $0.40 per share for a dividend yield of 1.20%. About the company: Macy’s, Inc. operates department stores in the United States. The Company also operates direct mail catalog and electronic commerce subsidiaries. Macy’s retail stores sell a wide range of merchandise, including men’s, women’s and children’s apparel and accessories, cosmetics, home furnishings and other consumer goods. Get the most recent company news and stock data here >>