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Last Update: 07-Nov-12 08:45 ET
Macy's shares little changed following better than expected earnings
Macy's (M $41.52 +0.14) reported third quarter earnings of $0.36 per share, $0.07 better than the Capital IQ consensus of $0.29, while revenues (preannounced) rose 3.8% year/year to $6.08 billion versus the $6.06 bln consensus; On a same-store basis, Macy's, Inc.'s third quarter sales were up 3.7 percent. Online sales (macys.com and bloomingdales.com combined) were up 40.4 percent in the third quarter and 36.8 percent year to date, compared with the same periods in 2011. Online sales positively affected the company's same-store sales by 2.2 percentage points in the third quarter and 1.8 percentage points in the year to date. The company issued downside guidance for the fourth quarter with EPS of $1.94-1.99 verus the $2.04 Capital consensus. The company issued in-line guidance for fiscal year 2013 with EPS of $3.35-3.40 versus the $3.40 consensus. As reported in the October sales news release issued on Nov. 1, the company has raised its guidance for same-store sales growth in the second half of 2012 to approximately 4 percent (from previous guidance of up approximately 3.7 percent). This calculates to guidance for same-store sales in the fourth quarter to grow by approximately 4.2 percent, and for full-year 2012 sales to grow by 3.9 percent. This compares with guidance provided at the beginning of the year for 2012 same-store sales to be up by approximately 3.5 percent.
