Macy’s, Inc. (NYSE: M) looked to be one of the key stocks to watch the day after U.S. Thanksgiving.
Last week brought news of quarterly numbers. Macy’s – best known for the Thanksgiving Day parade – announced third-quarter net sales of $5.1 billion, down from the $5.4-billion figure in the prior-year.
Net income registered at $2 million, also below the prior-year’s figure of $62 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) proved to be $300 million, compared to $381 million in the prior-year quarter.
According to CEO Jeff Gennette, "Our third-quarter sales were impacted by the late arrival of cold weather, continued soft international tourism and weaker than anticipated performance in lower tier malls. We also experienced a temporary impact on our e-commerce business due in part to work on the site in preparation for the fourth quarter.
"The team has completed that work, the site is upgraded and our customers can expect an improved experience this holiday season. Based primarily on the impact of our third quarter sales trend, we are updating our annual guidance."
Nor is the guidance picture any merrier. Comparable sales for 2019 are projected down 1.5%, to down 1%, while the previous prediction was for a flat figure to up 1%. Net sales were once expected to stay flat; they are now projected down 2.5% to 2%.
Shares in Macy’s gave back four cents to $15.44
