Macy’s is set to report fourth-quarter earnings before the bell on Tuesday.
Here’s what analysts are expecting, based on a survey by Thomson Reuters:
- Earnings per share: $2.71
- Revenue: $8.68 billion
- Same-store sales: growth of 0.06 percent
Macy’s, like most of its department store peers, started 2018 on a high note, coming off a stronger holiday season than the prior year. The company has benefited from the colder weather and a handful of snowstorms across the U.S., hiking demand for winter apparel and accessories.
The company recently revealed the 11 stores it’s in the process of closing early this year, as part of a previously announced plan to trim a massive store fleet and cut back on expenses. Macy’s said the closures, along with other efforts, should help it save as much as $300 million annually, which will be reinvested back into the business starting in 2018.
CEO Jeff Gennette has said he aims to get the retailer back to same-store sales growth during his tenure. Some of Macy’s latest initiatives to boost profits include opening pop-up shops, testing more off-price locations under the Backstage banner, and exploring other opportunities with its real estate through a partnership with Brookfield.
Macy’s shares have climbed nearly 9 percent so far this year.
This is a developing story. Please check back for updates.
