SPDR S&P Retail (ETF)
Macy's Muted Showing
Department store chain Macy's Inc
Sales of $5.626 billion was down 4.2 percent and missed the average analysts' estimate by a whisker.
The company reaffirmed its earnings per share guidance of $3.15–$3.40 for 2016 and raised its sales guidance. Comps are now expected to drop 2.5–3 percent versus previous expectations of a 3–4 percent decline.
As part of its strategy to generate value from its real estate, the company announced an agreement with Brookfield Asset Management Inc
The update on real estate monetization and positive sales expectations for the year have buoyed the stock.
Q3 EPS-Beat From Kohl's
Meanwhile, Kohl's Corporation
Sales, despite falling 2.3 percent to $4.33 billion, were about in line with estimates. Comps fell 1.7 percent reversing the 1 percent increase in the year-ago period.
Going forward, the company reaffirmed its earnings per share guidance for the year, with the adjusted earnings expected at $3.80 to $4 per share. This is in line with the consensus estimate.
More Retailers On Deck
Luxury retailer Nordstrom, Inc.
J C Penney Company Inc
Sales may have edged up to $2.96 billion from the year-ago's $2.90 billion.
Retail chain Sears Holdings Corp
At Last Check ...
- JC Penney was up 8.73 percent to $9.09.
- Kohl's was rallying 14.11 percent to $52.15.
- Macy's was up 8.57 percent at $41.67.
- Nordstrom was gaining 8.49 percent to $56.73.
- Sears Holdings was advancing 8.08 percent to $12.77.
- SPDR S&P Retail was up 2.82 percent at 43.79.
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