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Macy’s (NYSE:M) issued a guidance update ahead of the ICR Conference next week in Orlando.
The New York-based department store chain said late on Friday that the Q4 sales tally will fall in the low end to midpoint of its expected range of $8.16B to $8.4B vs. $8.3B consensus. Macy’s expects EPS for the quarter to meet the projected range of $1.47 to $1.67 vs. $1.61B consensus.
Black Friday/Cyber Monday sales for Macy’s (M) were in line with expectations, while the week leading up to and following Christmas were ahead. However, the department store operator said the dropoffs during non-peak holiday weeks were deeper than anticipated.
“Overall, our occasion apparel and gift-giving business were strengths and inventory composition and price points aligned with customers’ needs. Throughout the season, Bloomingdale’s and Bluemercury continued to outperform. Across nameplates, we stayed close to our customer, utilizing data and analytics tools to respond to shifts in demand. This has contributed to clean inventories and an expected gross margin rate roughly in line with previously issued fourth quarter guidance.”
The company is due to post its full earnings report around the first week of March.
Shares of Macy’s (M) fell 3.85% in after-hours trading on Friday.
Image and article originally from seekingalpha.com. Read the original article here.