Macy's: falls short of expectations in Q1.

(CercleFinance.com) - Macy's has reported adjusted EPS of 24 cents for its first quarter, down 40% y-o-y, worse than analysts' expectations, who on average were expecting a fall to 36 cents.


The retail chain saw its sales slip 7.5% to just over 5.3 billion dollars, partly due to store closures announced last year. At constant stores, the sales of directly owned stores fell by 5.2%.

For the full year, Macy's has confirmed its sales targets for directly owned stores, with the fall expected to reach between -2.2% and -3.3% (between -3.2% and -4.3% in all), with adjusted EPS between 3.37 dollars and 3.62 dollars.


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