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Macy's Up, Kohl's Down Following Q3 Earnings

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Macy's Up, Kohl's Down Following Q3 Earnings
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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

  • 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.

Related Link: 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.

Related Link: Kohl's Structural Pressures Are Not Abating

Posted-In: Department Stores retail earnings retailersEarnings News Pre-Market Outlook Movers Best of Benzinga

 

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