Macy's raises its guidance after a solid holiday season
Flickr/Mr Hicks
- Macy's announced comparable sales rose 1.1% during November and December and raised its 2017 adjusted earnings-per-share guidance.
- The retailer announced it was closing more stores and taking a one-time charge of $0.33.
- Shares are slipping on the news.
Macy's is slipping ahead of Thursday's opening bell, down 1.74% at $24.90, despite the company posting positive comparable sales for the holiday season and the company raising its annual guidance.
The retailer said comparable sales rose 1.1% versus a year ago for the November and December period and raised its full-year 2017 adjusted earnings-per-share guidance to a range between $3.59 and $3.69.
"Macy's had a solid holiday shopping season, and we are pleased that our November/December performance resulted in positive comp sales for the period, setting us up for a positive fourth quarter," CEO Jeff Gennette said in the release. "We intend to close the fourth quarter in a good position and head into 2018 with momentum."
But the news wasn't all good. The company announced the closure of 11 stores, for which it expects to take a one-time charge of $160 million, or $0.33 a share. Macy's has shut a total of 124 stores since 2015.
Shares of Macy's stock fell 28% in 2017.
NOW WATCH: Why bitcoin checks all the boxes of a bubble
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- India's forex reserves sufficient to cover 11 months of projected imports
- ITC plans to open more hotels overseas: CMD Sanjiv Puri
- 2024 LS polls pegged as costliest ever, expenditure may touch ₹1.35 lakh crore: Expert
- 10 Best things to do in India for tourists
- 19,000 school job losers likely to be eligible recruits: Bengal SSC