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Home / Business / Macy's earnings hit, missed; Restructuring targets $ 100 million in savings

Macy's earnings hit, missed; Restructuring targets $ 100 million in savings



Macy's (M) peaked Q4 revenue views early on Tuesday, but fell into the same store sales, while focusing on $ 100 million in annual savings from a restructuring plan.



Macy's Earnings

Estimates : Wall Street expected Macy's earnings per share to count 10% to $ 2.53, according to Yahoo Finance. Revenue had also been expected to fall 3% to $ 8.45 billion. Consensus Metrix had expected the same store sales to cross 0.6%, or 0.9% if licensed departments were included.

Results: Macy's revenue came in at $ 2.73 billion in revenue of $ 8,455 billion. Same store sales were up 0.4%, or 0.7% if licensed stores included

Outlook : All year round $ 3.05- $ 3.25, under consensus impressions for $ 3.30, on flat income growth, in line with impressions, with comp sales are flat to 1

%.

Macy announced a first step in the restructuring plan that simplifies its senior management to speed up decision making, reduce costs, and be more responsive to customers. Finally, the restructuring plan explains to increase margins through improved inventory planning and operations, supply chain streamlining, price optimization, private branding, and customer acquisition and maintenance strategies.

From 2019, Macy expects the restructuring to generate annual $ 100 million cost savings. For the financial statements 2018, the company recorded one-time fees of approximately $ 80 million before tax for restructuring activities.

"The steps we advertise to streamline our governance structure will enable us to move faster, reduce costs, and be more responsive to changing customer expectations," says CEO and CEO Jeff Gennette. builds the foundation we need to achieve meaningful business productivity improvements. "

Macy's Stock

Stocks rose 0.2% just after the opening of the stock market today. Macy's stock has shown weakness, with its relative Strengthening the line on a downward trend. In addition, it trades under both its 50 and 200-day moving averages.

Last month's Macy's listed notice was its biggest one-day fall after weak holiday sales reports, stocks collapsing 17.7% and beating their previous worst losses at 17.5% in the financial crisis in 2008. It also led to a number of retail stores being lower, with even Target (TGT) slipping to tr us that positive numbers were added.

Macy has cut sales and earnings guidance throughout the year less than two months after increasing it. The commodity giant said that comparable sales were only 0.7% in the November-December period.

The holiday season for holiday began to be strong on black Friday and through Cyber ​​Week, but it weakened in mid-December and failed to recover to Christmas week, Gennette said at that time.

Regional Warehouse Dillards (DDS) hit Q4 views after the closing Monday. Dilard's stock jumped 13% on Tuesday.

There are also several warehouse results coming, with upscale Nordstrom (JWN) and downscale J.C. Penney (JCP) both due Thursday.

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