Macy’s (NYSE: M) said it had a "strong" holiday season thanks to a refreshed assortment of inventory and a renewed focus around the customer, the department store chain said Thursday morning.
In tandem, the company announced it will be narrowing the range of its previously provided fiscal 2017 sales guidance thanks to such a "solid" showing of shoppers at its stores and online this year, coupled with new benefits from recently passed federal tax reform. Macy's also raised its full-year 2017 earnings outlook.
"We saw improved sales trends in our stores and continued to see double-digit growth on our digital platforms," CEO Jeff Gennette said in a statement. "Customers also responded well to our new loyalty program."
Macy's comparable sales (on an owned basis) increased 1% during the months of November and December compared with the same period last year.
On a licensed and owned basis, same-store sales climbed 1.1%.
Looking to the full year, Macy's now expects comparable sales (on an owned basis) to decline between 2.4% and 2.7%, whereas total revenue is expected to drop between 3.6% and 3.9% in fiscal 2017. Previously, Macy's had forecast total comparable sales to decline by 2.2% to 3.3% in fiscal 2017, while annual revenue was projected to fall by 3.2% to 4.3%.
As a result, Macy's raised its fiscal 2017 earnings outlook to a range of $3.59 and $3.69 per share, excluding the impact of various store closings and other costs associated with debt repurchases.
Shares in the department store chain began Thursday up eight cents to $25.41
