While reporting its second-quarter financial results today, department store chain Macy’s, Inc. (M) raised its earnings and sales outlook for fiscal 2018.
For fiscal 2018, Macy’s now expects adjusted earnings per share of $3.95 to $4.15, excluding anticipated settlement charges related to the company’s defined benefit plans as well as impairment and other costs. Earlier, the company forecast full-year adjusted earnings per share of $3.75 to $3.95.
Total full-year sales are now expected to range from flat to a 0.7 percent increase in fiscal 2018, compared to the prior range of a 1 percent decline to a 0.5 percent increase.
On average, analysts polled by Thomson Reuters expect earnings of $3.87 per share for the year on revenues of $24.9 billion. Analysts’ estimates typically exclude special items.
Macy’s comparable sales on an owned plus licensed basis are expected to increase between 2.0 and 2.5 percent for the second half of 2018, which translates to an annual increase of between 2.1 and 2.5 percent. Earlier, the company projected comparable sales on an owned plus licensed basis to increase between 1 and 2 percent.
Comparable sales on an owned basis for the year are expected to be 20 to 30 basis points below comparable sales on an owned plus licensed basis in fiscal 2018, which is consistent with prior guidance.
by RTTNews Staff Writer
Source: Read Full Article