Morning News Leader: Macy’s (M) Stock Rises on Q4 Earnings and Revenue Beat
Macy’s, Inc. (M) is up 3.4% Tuesday morning following the company’s fourth-quarter earnings report. The mall-based retailer posted adjusted earnings of $2.73 per share on revenue of $8.46 billion. Analysts forecast earnings of $2.53 per share and sales of $8.44 billion. Same store sales were up a modest 0.7% year over year. The company announced a multi-year restructuring program with the aim of trimming its management structure and allowing the company to adjust more quickly to changes in the retail sector. The restructuring plan would save the company around $100 million and would include the elimination of 100 of the company’s vice president positions.
Macy’s, Inc. (M) is a mall-based retailer.
Dillard’s, Inc. (DDS) and Worldpay, Inc. (WP) top the list of other companies with positive news today, while LendingTree, Inc. (TREE) and The Home Depot, Inc. (HD) top the list of companies with negative news.