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Macy's (M) Q4 Earnings Surpass Estimates, Stock Up

Macy's, Inc.M , one of the leading department store retailers, came out with fourth-quarter fiscal 2016 results, wherein adjusted earnings of $2.02 per share surpassed the Zacks Consensus Estimate of $1.97 but declined 3.3% from $2.09 per share delivered in the year-ago quarter.

For fiscal 2017, management anticipate adjusted earnings in the band of $2.90- $3.15 per share, in comparison to $3.11 per share earned in the fiscal 2016.

Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been witnessing downward revisions over the past 30 days. If we look at the Macy's performance in the trailing four quarters (excluding the quarter under review), the company has surpassed the Zacks Consensus Estimate by an average of 1%.

Macy's Inc Price, Consensus and EPS Surprise

Macy's Inc Price, Consensus and EPS Surprise | Macy's Inc Quote

Revenues: Macy's generated net sales of $8,515 million that declined 4% year over year and marginally missed the Zacks Consensus Estimate of $8,582 million. Comparable sales on an owned plus licensed basis dipped 2.1% while on an owned basis, comparable sales fell 2.7%.

For fiscal 2017, Macy's projects comps on an owned plus licensed basis to decline in the band of 2-3%, while on an owned basis, comps are expected to decrease in the range of 2.2-3.3%.

Zacks Rank: Currently, Macy's carries a Zacks Rank #5 (Strong Sell) which is subject to change following the earnings announcement. You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here .

Stock Movement: Macy's shares are up nearly 2.9% during pre-market trading hours following the earnings release.

Check back later for our full write up on Macy's earnings report!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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