Macy's sales and profit decline

Macy’s Inc. today reported comparable sales of decline of 0.8 percent on an owned basis and 0.7 percent on an owned plus licensed basis for fiscal 2019, while fourth quarter comparable sales dropped 0.6 percent and 0.5 percent on owned and owned plus licensed basis, respectively. Net sales for the year dropped to 24.6 billion dollars, while fourth quarter net sales declined to 8.3 billion dollars. The company reported annual diluted EPS of 1.81 dollars and annual adjusted diluted EPS of 2.91 dollars compared to 3.56 dollars and 4.18 dollars in 2018, respectively.

“Taken as a whole, 2019 did not play out as we intended for Macy's, Inc. However, we executed well during the Holiday 2019 season. We were pleased with the significant trend improvement in the fourth quarter, including a meaningful sales uptick in the 10 shopping days before Christmas,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.

For fiscal year 2020, Macy’s expects net sales to range between 23.6 and 23.9 billion dollars, comparable sales on an owned basis Approximately 40 basis points better than owned plus licensed, while comparable sales on owned plus licensed basis are expected to decline in the range of 1.5 to 2.5 percent. Macy’s further expects adjusted diluted earnings per share in the range of 2.45 dollars to 2.65 dollars and adjusted diluted earnings per share, excluding asset sale gains to range between 2.20 dollars to 2.40 dollars.

Picture:Macy's media assets