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Macy's : Lowers Annual Guidance Following Slower Holiday Sales

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01/10/2019 | 09:10am EDT

By Kimberly Chin

Shares of Macy's Inc. fell 17% in premarket trading as the department store lowered its full-year guidance following tepid holiday sales.

Comparable sales from stores it owns rose 0.7% during the months of November and December, the retailer said Thursday. Same-store sales from stores it owns and licenses rose 1.1%.

For fiscal 2018, the department store now expects comparable sales growth of about 2% compared with its previous guidance in November of 2.3% to 2.5%. Analysts polled by FactSet are expecting same-store sales for the fourth quarter of 1.8%.

Macy's, which is set to report fourth-quarter results on Feb. 26, now expects net sales to be flat compared with prior guidance of 0.3% to 0.7% growth. The company also cut its earnings forecast to between $3.95 and $4 a share, down from its previous estimate of $4.10 and $4.30.

The retailer has been investing in a group of stores it calls magnets, adding new lighting, fixtures, a better assortment of merchandising and technological innovations, while trying to shrink other less-promising locations.

Macy's delivered healthy sales growth in the third quarter. Same-store sales grew 3.1% and total sales increased 2.3%.

Write to Kimberly Chin at kimberly.chin@wsj.com

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Financials ($)
Sales 2020 24 911 M
EBIT 2020 1 425 M
Net income 2020 976 M
Debt 2020 3 718 M
Yield 2020 7,08%
P/E ratio 2020 6,76
P/E ratio 2021 6,94
EV / Sales 2020 0,41x
EV / Sales 2021 0,40x
Capitalization 6 579 M
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Mean consensus HOLD
Number of Analysts 17
Average target price 23,5 $
Spread / Average Target 11%
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Managers
NameTitle
Jeffrey Gennette Chairman & Chief Executive Officer
Harry A. Lawton President
Robert B. Harrison Chief Operations Officer
Paula A. Price Chief Financial Officer
Naveen Krishna Chief Technology Officer
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