Macy's raises its guidance after a solid holiday season
Macy's announced comparable sales rose 1.1% during November and December and raised its 2017 adjusted earnings-per-share guidance.
The retailer announced it was closing more stores and taking a one-time charge of $0.33.
Shares are slipping on the news.
Macy's is slipping ahead of Thursday's opening bell, down 1.74% at $24.90, despite the company posting positive comparable sales for the holiday season and raising its annual guidance.
The retailer said comparable sales rose 1.1% versus a year ago for the November and December period and raised its full-year 2017 adjusted earnings-per-share guidance to a range between $3.59 and $3.69.
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"Macy’s had a solid holiday shopping season, and we are pleased that our November/December performance resulted in positive comp sales for the period, setting us up for a positive fourth quarter," CEO Jeff Gennette said in the release. “We intend to close the fourth quarter in a good position and head into 2018 with momentum.”
But the news wasn't all good. The company announced the closure of 11 stores, for which it expects to take a one-time charge of $160 million, or $0.33 a share. Macy's has shut a total of 124 stores since 2015.
It also said it expects comparable sales to fall between 2% and 2.3% and total sales to slide 3.6% to 3.9% for fiscal 2017.
Shares of Macy's fell 28% last year.
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