Macy's Inc. reaffirmed its softer outlook for its fiscal year 2017 guidance on Aug. 10, as stock prices fell 10.25% to $20.67 at the close of the market.
The company expects adjusted earnings per diluted share between $3.37 and $3.62 in 2017. Excluding the expected fourth-quarter gain on the sale of the company's Union Square Men's store in San Francisco, as well as settlement charges and fees for debt repurchases, Macy's expects adjusted earnings per diluted share of $2.90 to $3.15 in 2017.
Comparable-store sales are set to decline between 2.2% and 3.3% in 2017, according to the guidance. Comparable-store sales are expected to decline 2% to 3% on a combined owned and licensed basis.
Total sales are expected to slump between 3.2% and 4.3% during the fiscal year.
"I know that we are operating in an environment of intense and destructive competition," said Jeffrey Gennette, Macy's CEO and president, during a conference call following the release of its fiscal second-quarter earnings and guidance Aug.10.