Why Is Everyone Talking About Macy's Stock?
Macy's (NYSE: M) became a hot topic again on Wall Street following the release of its second-quarter earnings report on Aug. 23. The department store chain's net sales dipped 1% year over year to $5.6 billion, but still beat analysts' estimates by $100 million. Its comparable store sales fell 1.5% on an owned basis and declined 1.6% on an owned plus licensed basis.
Macy's adjusted net income fell 33% year over year to $277 million, or $1.00 per share, which also beat the consensus forecast by $0.12. Its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) dropped 26% to $616 million, and its adjusted EBITDA margin slipped from 13.3% to 11%.
Image source: Macy's.
Source Fool.com
