Earnings Preview: Macy's
theflyonthewall.com submits: Macy's (M) is expected to report Q4 earnings before the market open on Tuesday, February 23 with a conference call scheduled for 11:00 am ET. GuidanceAnalysts are looking for a profit of $1.32 on revenue of $7.85B. The consensus range is $1.15-$1.38 for EPS, and revenue of $7.78B-$7.89B, according to First Call. Macy's reported December same store sales up 1%, slightly less than expected, and January SSS up 3.4%, better than forecast. In February, the retailer raised its Q4 EPS guidance to $1.35-$1.37 from $1.14-$1.18 and raised its FY09 EPS guidance to $1.36-$1.38 from $1.14-$1.19. According to sources, Macy's is cutting 1,500 store-level positions effective March 6, including department managers and merchandising team managers. Analysts expect Macy's to report lower sales but higher profits, due to cost cutting and tighter inventory management. Analysts and investors will listen for comments on Macy's 2010 outlook and whether it believes shoppers will start coming back from off-price retailers. Complete Story »
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