Macy’s reports holiday season same-store sales decline, cuts guidance

Macy’s Inc. shares fell 2.4% in after hours after it said it had a 4.7% same-store sales decline during the months of November and December 2015 on an owned-plus-licensed basis, compared with last year. On an owned basis, the retailer said in a release that same-store sales were down 5.2%. Macy’s Chief executive Terry Lundgren attributed much of the decline to unseasonable weather conditions. “About 80 percent of our company’s year-over-year declines in comparable sales can be attributed to shortfalls in cold-weather goods such as coats, sweaters, boots, hats, gloves and scarves,” Lundgren said in a statement. “We also continued to feel the impact of lower spending by international tourists as the value of the dollar remained strong.” The company experienced double-digit increases in online sales, filling 17 million online orders on both and, he said. The company now expects fourth-quarter earnings per share between $2.18 and $2.23 and same-store sales decline of 4.7%. Previous guidance forecast fourth quarter earnings per share between $2.54 and $2.64 and same-store sales declines between 2% and 3%. The fourth-quarter earnings consensus is $2.56 according to FactSet.

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