Macy’s Inc.’s expectations took a holiday hit, but Kohl’s Corp. managed to get something of a bottom line boost from Santa’s helpers.
Macy’s said its combined comparable sales for November and December rose 0.7 percent, or 1.1 percent when licensed departments are factored in.
The company painted that as another year of growth, but acknowledged that it fell short of expectations from must before Black Friday. Still, the year ended up much better than initially thought.
In February, at the start of the fiscal year, Macy’s projected comp sales to be flat to up 1 percent. That changed to a 2.3 percent to 2.5 percent gain by November. Now, the firm is looking for a roughly 2 percent increase.
“We are revising the guidance we provided in November and will continue to take the necessary steps in January to ensure a clean inventory position as we enter fiscal 2019,” said Jeff Gennette, chairman and chief executive officer of Macy’s.
Adjusted earnings per share are now expected to range from $3.95 to $4 for the year, now up tot the $4.10 to $4.30 projected in November, but better than the forecast from February.
Kohl’s comps for November and December rose 1.2 percent, shifting results to look at the comparable period a year earlier.
“We are delighted with our 1.2 percent shifted comparable sales increase for the Holiday period, which builds on the positive momentum we have achieved throughout the year,” said Michelle Gass, chief executive officer.
Kohl’s shifted its adjusted earnings per share outlook for the year to a range of $5.50 to $5.55, up from the prior range of $5.35 to $5.55.