Topic: Growth Stocks

Wall Street Stock Forecaster Hotline – Friday, February 26, 2016

Article Excerpt

MACY’S INC., $43.43, New York symbol M, operates 885 Macy’s and Bloomingdale’s department stores and sells goods online. The company earned $544 million in its fiscal 2016 third quarter, which ended January 30, 2016. That’s down 31.4% from $793 million a year earlier. Per-share earnings dropped 23.5%, to $1.73 from $2.26, on fewer shares outstanding. Macy’s earned $2.09 a share in the latest quarter, if you exclude charges related to the company’s plan to close 35 to 40 of its stores in the next few months. The result beat the consensus estimate of $1.89. Warmer-than-usual weather hurt sales of winter clothing and boots, although sales improved in January. However, overall sales still dropped 5.3%, to $8.9 billion from $9.4 billion. That exceeded the consensus forecast, of $8.8 billion. Same-store sales declined 4.3%. The company continues to seek new partners to help it unlock the value of its real estate holdings. For example, it recently sold some floors in its Brooklyn, New York,…