January 4, 2018 / 1:16 PM / 9 months ago

BRIEF-Macy's Sees FY 2017 Adjusted Earnings Per Share $3.59 To $3.69 Excluding Items

Jan 4 (Reuters) - Macy’s Inc:

* SEES FY 2017 ADJUSTED EARNINGS PER SHARE $3.59 TO $3.69 EXCLUDING ITEMS

* ANNUAL EARNINGS GUIDANCE RAISED DUE TO SOLID HOLIDAY RESULTS AND FEDERAL TAX LAW CHANGE

* ‍$300MM IN ANNUALIZED COST SAVINGS TO BE REINVESTED IN BUSINESS​

* COMPARABLE SALES ON AN OWNED BASIS INCREASED 1.0 PERCENT IN MONTHS OF NOVEMBER AND DECEMBER 2017 COMBINED

* ON AN OWNED PLUS LICENSED BASIS, COMPARABLE SALES INCREASED 1.1 PERCENT IN COMBINED NOVEMBER/DECEMBER PERIOD

* “TAKING ACTIONS INTENDED TO CONTINUE IMPROVEMENTS IN ORGANIZATIONAL EFFICIENCY AND TO ALLOCATE RESOURCES TO SUPPORT ITS GROWTH STRATEGY”

* ‍MACY’S IS NARROWING RANGE OF ITS PREVIOUSLY PROVIDED FULL-YEAR SALES GUIDANCE​

* RESTRUCTURING INCLUDES STAFFING ADJUSTMENTS IN STORES ORGANIZATION WITH REDUCTIONS IN SOME STORES, INCREASES IN OTHERS

* ‍NOW EXPECTS COMPARABLE SALES ON AN OWNED BASIS TO DECLINE BETWEEN 2.4 PERCENT AND 2.7 PERCENT FOR 2017​

* RESTRUCTURING INCLUDES FURTHER STREAMLINING IN SOME NON-STORE FUNCTIONS

* RESTRUCTURING INCLUDES CLOSURE OF 11 STORES IN EARLY 2018

* SEES ‍COMPARABLE SALES ON AN OWNED PLUS LICENSED BASIS TO DECLINE BETWEEN 2.0 PERCENT AND 2.3 PERCENT FOR 2017​

* ‍TOTAL SALES ARE EXPECTED TO BE DOWN BETWEEN 3.6 PERCENT AND 3.9 PERCENT IN FISCAL 2017​

* EXPECTS ANNUAL EXPENSE SAVINGS OF $300 MILLION FROM RESTRUCTURING ACTIONS BEGINNING IN FISCAL-YEAR 2018

* SEES ONE-TIME CHARGES OF ABOUT $160 MILLION TO BE BOOKED IN Q4 FOR RESTRUCTURING ACTIVITIES, ASSET IMPAIRMENT, STORE CLOSINGS, OTHER COSTS

* COMPANY ANNOUNCED CLOSURE OF 11 MACY’S STORES, 4 OF WHICH WERE PREVIOUSLY DISCLOSED

* MACY’S-‍ESTIMATES DEFERRED TAX IMPACT OF FEDERAL TAX RATE REDUCTION FROM 35 % TO 21 % WILL RESULT IN NON-CASH TAX BENEFIT OF ABOUT $550 MILLION TO $650 MILLION​

* SEES FY 2017 ADJUSTED EPS EXCLUDING UNION SQUARE GAIN (INCLUDING FEDERALTAX REFORM) OF $3.11 - $3.21

* FY EARNINGS PER SHARE VIEW $3.46 — THOMSON REUTERS I/B/E/S

* ‍NON-CASH TAX BENEFIT FROM FEDERAL TAX RATE REDUCTION TO ADD BETWEEN $1.79- $2.12 TO EARNINGS/DILUTED SHARE IN Q4,FY 2017​ Source text for Eikon: Further company coverage:

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