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Two of the most notable department stores on Thursday reported earnings results, which resulted in their respective stocks moving in opposite directions.
Macy's
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- Shares of Macy's Inc (NYSE:M) were trading higher by around 2 percent.
- Macy's earned 23 cents per share in the third quarter on revenue of $5.28 billion.
- Wall Street analysts were expecting the company to earn 19 cents per share on revenue of $5.31 billion.
- Third-quarter sales fell 6.1 percent from a year ago, partly due to store closures.
- Comparable store sales on an owned basis fell 4.0 percent and down 3.6 percent on an owned plus licensed basis.
- Operating income rose from $107 million a year ago to $121 million.
- The company opened eight new Bluemercury beauty specialty stores for a total of 135 stores and seven new Macy's Backstage off-price stores for a total of 45 locations.
- Management expects to earn between $3.38 to $3.63 per share in 2017, up from a prior range of $3.37 to $3.62 per share.
Macy's Biggest Foe Isn't Amazon... It's Other Brick & Mortar Retailers
Kohl's
- Shares of Kohl's Corporation (NYSE:KSS) were trading lower by nearly 10 percent.
- Kohl's earned 70 cents per share in the third quarter on revenue of $4.332 billion.
- Wall Street analysts were expecting the company to earn 72 cents per share on revenue of $4.3 billion.
- Comparable sales rose 0.1 percent in the third quarter.
- Net income fell from $146 million a year ago to $117 million.
- Gross margin fell from 37.1 percent a year ago to 36.8 percent.
- Management narrowed and raised the lower end of its fiscal 2017 EPS outlook from $3.50-$3.80 to a new range of $3.60-$3.80.
- Kohl's ended the quarter with 1,156 stores in 49 states versus 1,155 stores at the same time a year ago.
Kohl's Structural Pressures Are Not Abating
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