ROTH investor conference is Sunday - Wednesday. Implications of a new tax on some high net-wealth individuals from Moss Adams Capital. "The Legacy of Bing," next up at SHACC. Details on Industry Insight.
Macy’s reported third quarter results this morning that exceeded the company’s expectations in same-store sales, gross margin, earnings and cash flow.
Macy’s, the largest department store customer for the action sports industry, actually sounded upbeat – a rare emotion in the retail world these days. It also raised its full-year guidance.
Wall Street didn't like the company's fourth quarter guidance, however. Share are trading down 5.7% in pre-market trading.
Here are some highlights from the quarter:
Sales: down 3.9% to $5.3 billion
Same-store sales: down 3.6%
Online sales: up 21.1%
Net loss: $35 million vs. a net loss of $44 million the same period last year
Gross margin: 40.2% vs. 39.5%
Cash: The company ended the quarter with $489 million in cash. Cash flow has been strong enough that Macy’s could fund buying with cash during peak periods without tapping its credit lines.
Q4 guidance: Same-store sales are expected to be down 1% to 2%. Earnings per share should range between $1 and $1.05
Full year guidance: Same-store sales down 5.4% to 5.7%, better than the 6% to 8% decline expected. Earnings per share are expected to range from $1.01 to $1.06, better than the previously forecast of 70 to 80 cents per share.