Macy’s, Inc. Reports Second Quarter 2019 Earnings

Comparable sales growth of 0.2% on an owned basis; 0.3% on an owned plus licensed basis
Diluted EPS and Adjusted Diluted EPS of $0.28
Strategic initiatives on track to continue delivering sales growth in the back half of the year
Fall inventory in line with anticipated customer demand
Company reaffirmed annual sales guidance and lowered EPS guidance

CINCINNATI–(BUSINESS WIRE)– Macy’s, Inc. (NYSE: M) today reported results for the second quarter 2019. The company reaffirmed its annual sales guidance and lowered its EPS guidance for fiscal 2019.

Financial Highlights

 

Second Quarter

First Half

(in millions)

2019

2018

2019

2018

Net sales

$

5,546

 

$

5,572

 

$

11,050

 

$

11,112

 

Comparable sales

Owned

0.2

%

0.0

%

0.4

%

1.9

%

Owned plus licensed

0.3

%

0.5

%

0.5

%

2.3

%

53rd week shifted calendar (owned plus licensed)*

 

2.3

%

 

1.8

%

 

Net income attributable to Macy’s, Inc. shareholders

$

86

 

$

166

 

$

223

 

$

306

 

Earnings before interest, taxes, depreciation and amortization

$

400

 

$

501

 

$

846

 

$

993

 

Diluted earnings per share

$

0.28

 

$

0.53

 

$

0.71

 

$

0.98

 

 

Adjusted Net income attributable to Macy’s, Inc. shareholders

$

88

 

$

219

 

$

225

 

$

369

 

Adjusted Earnings before interest, taxes, depreciation and amortization

$

402

 

$

566

 

$

849

 

$

1,071

 

Adjusted Diluted earnings per share

$

0.28

 

$

0.70

 

$

0.72

 

$

1.19

 

*Comparable sales adjusted for the impact of the 53rd week reflect a shift of the company’s 2017 calendar to align with 2018 on a like-for-like basis.

Note: Adjusted metrics reflect the exclusion of certain items from the respective financial measures. Please see the final pages of this news release for important information regarding the nature of such excluded amounts and calculation of the company’s non-GAAP financial measures.

“Macy’s, Inc. delivered another quarter of comparable sales growth. That said, we had a slow start to the quarter and finished below our expectations. Rising inventory levels became a challenge based on a combination of factors: a fashion miss in our key women’s sportswear private brands, slow sell-through of warm weather apparel and the accelerated decline in international

Original Source