Macy's beats by $0.03, misses on revs; guides Q4 below consensus (lowers FY16 guidance); co will not pursue a REIT, looking to monetize real estate in other ways; inveting in digital; partners with Luxottica :
- Reports Q3 (Oct) earnings of $0.56 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.53; revenues fell 5.2% year/year to $5.87 bln vs the $6.1 bln Capital IQ Consensus.
- Comparable sales on an owned plus licensed basis were down by 3.6 percent in the third quarter. On an owned basis, third quarter comparable sales declined by 3.9 percent.
- Co issues downside guidance for Q4, sees EPS of $2.54-2.64 vs. $2.82 Capital IQ Consensus, with comps down 2-3%..
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