Macy’s Sigh of Relief, But No More Monthly Guidance (M)
February 26, 2008 by Douglas A. McIntyreMacy’s (NYSE: M) posted earnings of $1.73 EPS and revenues were $8.59 Billion versus $1.60 EPS and revenues of $8.62 Billion estimates from First Call. Same store sales for the quarter were -2%. As far as Fiscal Jan-2009, Macy’s sees $1.85 to $2.15 EPS versus $2.03 EPS estimates.
The company may have just irked some analysts now that the company has announced it will no longer issue issue monthly sales numbers and guidance. Macy’s has repurchased roughly 13 million shares for some $318 million during the quarter, and it still has $850 million left in its current buyback program.
Macy’s is following the same trend as Nordstrom last night by rallying on earnings because of previously lowered guidance and the street has apparently decided it has discounted shares after large haircuts to the price of stock.
Jon C. Ogg
February 26, 2008
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