Macy's Trades Lower On Q3 Sales Miss, Guidance Cut

Macy's M reported third-quarter earnings of 7 cents per share on Thursday. This is a 74.07% decrease over earnings of 27 cents per share from the same period last year.

The company reported quarterly sales of $5.173 billion, which missed the analyst consensus estimate of $5.32 billion by 2.76%. This is a 4.27% decrease over sales of $5.404 billion the same period last year.

Macy's cut fiscal year 2019 EPS guidance from $2.85-$3.05 to $2.57-$2.77 versus the $2.79 estimate.

Macy's shares were trading down 6% at $14.14 in Thursday’s pre-market session. The stock has a 52-week high of $35.06 and a 52-week low of $14.11.

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