Shares of Macy's, Inc. M were trading lower by around 1 percent on Wednesday after the company issued a 10-K filing which contained an earnings outlook.
Macy's expects its full year fiscal 2016 sales to fall approximately 2 percent year-over-year and comparable sales to decrease on an owned plus licensed basis of approximately 1 percent.
Macy's also stated it expects to realize an asset sale gain of approximately $235 million, including $86 million of additional gain from the sale of its Brooklyn real estate assets.
Accordingly, Macy's expects its diluted earnings per share for the full fiscal year to fall in a range of $3.80 to $3.90, excluding certain settlement accounting charges.
Wall Street analysts are currently estimating Macy's to earn $3.80 per share for the full year.
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