Macy's Inc. M, -11.94% shares slide 4.4% in Wednesday premarket trading after the department store retailer reported a second-quarter sales decline. Net income totaled $166 million, or 53 cents per share, up from $111 million, or 36 cents per share, for the same period last year. Adjusted EPS was 59 cents. Sales totaled $5.57 billion, down from $5.64 billion last year. The FactSet consensus was for EPS of 50 cents and sales of $5.55 billion. Same-store sales on an owned basis were flat, and were up 0.5% on an owned-plus-licensed basis. The FactSet consensus was for a 0.7% decline. Macy's now expects adjusted EPS of $3.95 to $4.15 for fiscal 2018, up from previous guidance of $3.75 to $3.95. Sales are expected to range from flat to 0.7% growth. And same-store sales on an owned-plus-licensed basis are expected to increase 2% to 2.5%. Same-store sales on an owned basis are expected to be 20-to-30 basis points below owned-plus-licensed results. The FactSet consensus is for EPS of $3.86 and same-store sales growth of 1.6%. Macy's shares are up 66% for the year to date while the S&P 500 index SPX, -1.19% is up 6.2% for the period.
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