Macy's Cuts Annual Earnings Outlook Below View, Pre-Market Stock Down Over 8%

(RTTNews) - Macy's, Inc. (M), a department store company, on Wednesday revised down its full-year earnings guidance below analysts' estimates. However, the company has revised up annual sales outlook, above consensus view.

Excluding items, the company now expects adjusted earnings of $2.25 - $2.50 per share, lower than the prior guidance of $2.55 to $2.90 per share. After adjustment for delivery expenses, Macy's expects $2.34 to $2.69 per share.

On average, analysts polled by Thomson Reuters forecast the firm to report earnings per share of $2.73 for the year. Analysts' estimates typically exclude special items.

Sales are now anticipated to be $22.3 billion to $22.5 billion, higher than with earlier guidance of $ $22.1 billion to $22.4 billion. Analysts are expecting revenue of $22.13 billion.

M was down by 8.79 percent at $15.25 in the pre-market trade on the New York Stock Exchange.