Macy's: second-quarter results in line with expectations.

(CercleFinance.com) - Macy's posted on Thursday second-quarter results that were in line with expectations, and said it was on track to meet its 2017 sales and earnings guidance.


Sales in the quarter to 29 July fell by 5.4% to 5.55 billion dollars, on the back of store closures previously announced by the company.

On an "owned basis", i.e. excluding licenses to third parties, comparable sales were down just 2.8% over the quarter.

However, the department store chain's net income rose to 113 million dollars, compared to 9 million dollars a year ago.

Looking ahead, Macy's confirmed its previously provided guidance for full-year 2017, expecting comparable sales on an "owned basis" to decline by 2.2% to 3.3%.

The retailer also continues to expect adjusted earnings per diluted share of between 2.90 dollars and 3.15 dollars this year.

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