Macy’s beat analyst estimates, and asserted that it was making progress on its performance, although sales and comps continued to decline in the second quarter.
For the second quarter ended July 29, Macy’s posted company earnings of $116 million, or 38 cents per diluted share, versus $11 million, or three cents per diluted share, in the year-earlier period. Adjusted earnings per diluted share, excluding one-time charges, were 48 cents versus 54 cents in the 2016 quarter.
Macy’s adjusted earnings per diluted share topped a MarketBeat analyst average estimate of 44 cents.
Comparable sales in company-owned stores slipped 2.8%, while those on an owned-plus-licensed basis declined 2.5% versus the previous second quarter. Net sales in the quarter were $5.55 billion compared with $5.87 billion in the prior-year period. Macy’s maintained that the sales slide…