Macy's, Inc. Reports Sales Results for the Months of November and December 2015; Revises Earnings Guidance for the Fourth Quarter and Full Year of 2015
January 06, 2016 at 09:00 pm
Share
Macy's, Inc. reported sales results for the months of November and December 2015. For the two-month period, the company announced that its comparable sales on an owned plus licensed basis declined by 4.7% in the months of November and December 2015 combined, compared with the same period last year. On an owned basis, comparable sales declined by 5.2% in the combined November/December period.
Earnings per diluted share for the full-year 2015 now are expected in the range of $3.85 to $3.90, excluding expenses related to cost efficiencies announced and asset impairment charges associated primarily with spring 2016 store closings. This compares with previous guidance in the range of $4.20 to $4.30. Comparable sales on an owned plus licensed basis for the year is expected to decline by approximately 2.7% (from previous guidance of down 1.8% to 2.2%). The decline in fourth quarter comparable sales on an owned basis is expected to be approximately 50 basis points greater than on an owned plus licensed basis.
Updated annual guidance calculates to guidance for fourth quarter earnings of $2.18 to $2.23 per diluted share, excluding charges associated with cost efficiencies and store closings. This compares with previous guidance for earnings per diluted share of $2.54 to $2.64 in the fourth quarter. Earnings guidance for 2015 includes an expected $250 million gain on the sale of real estate in downtown Brooklyn. The company is not expecting a major change in sales trend in January and expects a comparable sales decline on an owned plus licensed basis in the fourth quarter of 2015 to approximate the 4.7% decline in November/December (from previous guidance of down between 2% and 3% for the fourth quarter).
Macy's, Inc. is an omni-channel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Belgique, Cerulean 6, Charter Club, Club Room, Epic Threads, Family PJ's, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, and others.
Macy's, Inc. Reports Sales Results for the Months of November and December 2015; Revises Earnings Guidance for the Fourth Quarter and Full Year of 2015