Macy's Key Sales Figure Falls For 10th Straight Quarter

Reuters

( M ) on Thursday reported a surge in profit for the second quarter from previous year as a decline in sales was more than offset by lower expenses and one-time charges. The fund owned 262,877 shares of the company's stock after selling 255 shares during the period. Finally, Chevy Chase Trust Holdings Inc. increased its stake in shares of Macy's by 0.8% in the first quarter.

Macy's said it opened 16 freestanding Bluemercury stores and 12 Macy's Backstage stores within existing Macy's stores during the second quarter.

Shares of Macy's Inc (M) traded down 10.25% on Thursday, hitting $20.67.

Despite results that were not as bad as had been expected, Macy's kept its forecast for the full year the same, which suggests it looks at the improvements as being fragile. Financial Architects Inc now owns 5,850 shares of the company's stock valued at $136,000 after buying an additional 4,200 shares in the last quarter.

Shares of department store chains Macy's Inc. and Kohl's Corp. tumbled on Thursday as the companies reported a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off. Creative Planning increased its position in shares of Macy's by 14.3% in the first quarter. Winslow Evans & Crocker Inc. raised its stake in Macy's by 241.4% in the first quarter. Cadence Capital Management LLC raised its position in shares of Macy's by 43.4% in the first quarter. DnB Asset Management AS now owns 31,338 shares of the company's stock worth $929,000 after buying an additional 4,500 shares during the period. 39,690,281 shares of the company traded hands. The firm has a market capitalization of $6.29 billion, a PE ratio of 11.15 and a beta of 0.84. The company's 50 day moving average price is $22.93 and its 200-day moving average price is $26.98. Macy's also saw some unusual options trading on Wednesday. This is an increase of approximately 489% compared to the average volume of 5,766 call options.

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For the quarter ending July 29, the Cincinnati-based company reported net income of $116 million, or 38 cents per share. This was better than the 3.2 percent decline that analysts were expecting, according to a survey by Thomson Reuters. Macy's had a return on equity of 6.60% and a net margin of 1.31%.

Consensus estimates call for third-quarter EPS of $0.15 on revenues of $5.32 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. The firm owned 345,000 shares of the company's stock at the end of the second quarter.

Macy's also reaffirmed its outlook for full-year comparable sales on an owned basis to decline between 2.2 percent and 3.3 percent, with comparable sales on an owned plus licensed basis to decline between 2.0 percent and 3.0 percent.

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A number of research analysts have commented on M shares. Deutsche Bank AG raised their target price on shares of Macy's from $24.00 to $25.00 and gave the company a hold rating in a research note on Tuesday. Zacks Investment Research downgraded shares of Macy's from a "hold" rating to a "sell" rating in a research note on Tuesday, April 25th.

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