Why Macy's Stock Plummeted by Nearly 10% This Week
Sometimes it just isn't enough for a company to beat analyst estimates when it publishes quarterly earnings reports. At first glance, Macy's (NYSE: M) second quarter looked rather good, especially since the famous retailer topped the consensus projections for both revenue and profitability.
But that earnings news wasn't all good, and quite a few investors traded out of the stock. According to data compiled by S&P Global Market Intelligence, across the trading week, Macy's share price declined by almost 10%.
Another factor was a slide in Macy's total revenue; for the quarter, this dipped by nearly 3.5% year over year to just under $5.1 billion. Comparable sales fell by close to that percentage rate, slipping by 3.3%.
Source Fool.com
