Macy's: share doçwn as profit forecast cut
(CercleFinance.com) - On Wednesday Department store chain Macy's lowered its profit guidance for the year after reporting quarterly results broadly in line with expectations.
The New York-based group now expects adjusted EPS of $2.25 to $2.50 for FY 2024, compared with a previous forecast of $2.34 to $2.69.
Annual sales are expected between $22.3bn and $22.5bn, actually above a previous forecast of $22.1bn to $22.4bn.
For Q3, ended 2 November, net income fell to $28m, compared with $41m for Q3 last year.
ERPS came to $O.04, just above the market consensus of $0.03.
Macy's had to postpone the publication of its financial statements, originally scheduled for the end of November, in order to incorporate the findings of an internet investigation into the actions of one of its employees.
In this case, the retailer confirms that one of its employees, in charge of accounting for its delivery department, deliberately falsified data in order to conceal $151m in unjustified expenses.
Macy's however says that this affair will have no impact on its net cash flow.
Following these announcements, the stock was down about 10% in pre-market trading on Wall Street.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The New York-based group now expects adjusted EPS of $2.25 to $2.50 for FY 2024, compared with a previous forecast of $2.34 to $2.69.
Annual sales are expected between $22.3bn and $22.5bn, actually above a previous forecast of $22.1bn to $22.4bn.
For Q3, ended 2 November, net income fell to $28m, compared with $41m for Q3 last year.
ERPS came to $O.04, just above the market consensus of $0.03.
Macy's had to postpone the publication of its financial statements, originally scheduled for the end of November, in order to incorporate the findings of an internet investigation into the actions of one of its employees.
In this case, the retailer confirms that one of its employees, in charge of accounting for its delivery department, deliberately falsified data in order to conceal $151m in unjustified expenses.
Macy's however says that this affair will have no impact on its net cash flow.
Following these announcements, the stock was down about 10% in pre-market trading on Wall Street.
Copyright (c) 2024 CercleFinance.com. All rights reserved.