(AP Photo/Bebeto Matthews)Macy's (M) facebook/" target="_blank">shares tumbled after the department store chain reported disappointing first quarter sales. Comparable store sales during the three months ending in April were down 4.6%, which was worse than the 3.5% decline expected by analysts. Management said it expects comparable store sales to decline between 2.2% and 3.3% in 2017. Comparable store sales declined 2.7%, which was worse than the 1.1% decline expected. Like many of its peers in brick-and-mortar retail, Macy's is struggling to compete with low cost retailer slike TJX Companies (TJX) and online retailers like Amazon (AMZN).
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Including licensed sales, same-store sales fell 4.6 per cent, worse than analysts' expectations for a 3.5 per cent drop. Macy's facebook/" target="_blank">shares tumbled on Thursday after the US department store chain said a key sales metric fell more-than-expected for the ninth consecutive quarter. Shares in the Cincinnati-based company fell 9 per cent after it said like-for-like sales, a key industry metric, fell 5.2 per cent, steeper than analysts estimates of a 3 per cent drop. JC Penney has previously noted that its tie-up with Sephora has helped lift sales at its department stores. Net sales fell nearly 8 per cent from a year ago to $5.34bn, compared with Wall Street estimates of $5.45bn.
Same-store sales: decline of 4.6 percent, versus a forecast of a 2.7 percent drop, according to FactSet. Macy's first-quarter earnings miss shows just how far the retailer has to go before it can turn things around. Macy's has been rolling out its own off-price brand, Macy's Backstage, during the past two years. Macy's reported a 39 percent drop in quarterly profit, hurt by a decline in sales and higher inventory, which weighed on its margins. The retailer now plans to open 30 more Backstage-branded shops in Macy's full-price stores by the end of this year, Gennette said.
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Macy's shares hit as key sales metric falls for 9th straight quarter
Including licensed sales, same-store sales fell 4.6 per cent, worse than analysts' expectations for a 3.5 per cent drop. Macy's facebook/" target="_blank">shares tumbled on Thursday after the US department store chain said a key sales metric fell more-than-expected for the ninth consecutive quarter. Shares in the Cincinnati-based company fell 9 per cent after it said like-for-like sales, a key industry metric, fell 5.2 per cent, steeper than analysts estimates of a 3 per cent drop. JC Penney has previously noted that its tie-up with Sephora has helped lift sales at its department stores. Net sales fell nearly 8 per cent from a year ago to $5.34bn, compared with Wall Street estimates of $5.45bn.
Macy's shares plunge after huge earnings, sales miss
Same-store sales: decline of 4.6 percent, versus a forecast of a 2.7 percent drop, according to FactSet. Macy's first-quarter earnings miss shows just how far the retailer has to go before it can turn things around. Macy's has been rolling out its own off-price brand, Macy's Backstage, during the past two years. Macy's reported a 39 percent drop in quarterly profit, hurt by a decline in sales and higher inventory, which weighed on its margins. The retailer now plans to open 30 more Backstage-branded shops in Macy's full-price stores by the end of this year, Gennette said.
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