Investing.com - U.S. department store operator Macy's (NYSE:M) reported lower-than-expected second quarter earnings ahead of Wednesday's opening bell, sending its shares lower in pre-market trade.
Macy’s said adjusted earnings per share came in at 64 cents in the three months ended June 30, below expectations for adjusted earnings of 76 cents per share.
The company’s second quarter revenue totaled $6.10 billion, down 2.7% from the same period a year earlier and missing forecasts for revenue of $6.23 billion.
Comparable sales on an owned plus licensed basis were down by 1.5% in the second quarter. On an owned basis, second quarter comparable sales declined by 2.1%.
"We are disappointed in our second quarter results, which were impacted by a variety of factors, both internal to the company and in the macroeconomic environment," said Terry J. Lundgren, Macys chairman and chief executive officer.
Looking ahead, primarily based on weaker-than-expected sales performance in the first half, the company is reducing its full-year 2015 guidance for comparable sales on an owned plus licensed basis to be approximately flat, compared with previous guidance for growth of approximately 2%.
The company expects total sales to be down by approximately 1% in 2015, compared to previous guidance for total sales growth of approximately 1%.
The company is maintaining its guidance for 2015 earnings per diluted share to be in the range of $4.70 to $4.80.
Following the release of the report, Macy’s shares fell 2.28% in pre-market trade, to $66.06 from Tuesday's closing price of $67.53.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow futures indicated a loss of 0.9% at the open, the S&P 500 futures pointed to a decline of 0.85%, while Nasdaq 100 futures slumped 0.9%.