(CercleFinance.com) – Macy’s shares were expected to fall on the New York Stock Exchange on Monday morning, the American department store group having declared on Friday evening that it had experienced a lackluster end to the year.
In a point broadcast Friday evening as a prelude to the ICR financial conference organized in Orlando (Florida), the New York group indicated that it was aiming for the bottom of its sales target range for the fourth quarter, which so far was 8 .16 to 8.40 billion dollars.
Macy’s states that its performance during the days of ‘Black Friday’ and ‘Cyber Monday’ was in line with its expectations and that the week of Christmas even exceeded its expectations.
On the other hand, the other weeks of November and December turned out to be worse than expected, underlines the owner of the department store chains Bloomingdale’s and Bluemercury.
The distributor confirmed, despite everything, its objective of earnings per share (EPS) between 1.47 and 1.67 dollars in the last quarter of the year.
Its chief executive, Jeff Gennette, added that he expects, based on current economic indicators, that consumer spending will remain under pressure in 2023, especially during the first half of the year.
After these comments, the title was expected down about 4% Monday morning at the opening of Wall Street.
Copyright (c) 2023 CercleFinance.com. All rights reserved.