Macy's Q2 Profit Declines; Backs 2015 EPS Outlook - Quick Facts

(RTTNews) - Macy's, Inc. (M) reported second-quarter net income of $217 million or $0.64 per share, compared to $292 million or $0.80 per share, prior year.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.76 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 2.6 percent to $6.10 billion from $6.27 billion in the comparable quarter last year. Analysts expected revenue of $6.23 billion for the quarter. Comparable sales on an owned plus licensed basis were down by 1.5 percent in the second quarter. On an owned basis, second quarter comparable sales declined by 2.1 percent.

In fiscal 2015, the company continues to expect earnings per share of $4.70 to $4.80. Analysts expect the company to report full year earnings per share of $4.63.

The company expects total sales to be down approximately by 1 percent, compared to previous guidance for total sales growth of approximately 1 percent.

Macy's, Inc. is reducing its full-year 2015 guidance for comparable sales on an owned plus licensed basis to be approximately flat, compared with previous guidance for growth of approximately 2 percent. Comparable sales on an owned basis will be approximately 50 basis points lower than on an owned plus licensed basis.