Macy's: cuts annual targets

(CercleFinance.com) - Macy's has announced a significant reduction to its targets for the current financial year.
It now expects adjusted EPS of $2.70 to $3.20, compared with a previous target range of $3.67 to $4.11. NB: stock -9% in pmt today.

Likewise, the department store chain is now only expecting annual sales of 22.8 to 23.2 billion dollars (compared with $23.7-24.2 billion three months ago), suggesting a LFL fall of 6% to 7.5% (vs. -2% to -4% previously).

Macy's has posted Q1 adjusted EPS of $0.56 on sales of $5bn, down 7% (-7.2% on a comparable basis). However, it expects to achieve further savings of $200m by 2023.


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