Shares of department store chain Macy's (M) plummeted 7.8% in pre-market trading on Monday, as the company signaled potentially weaker-than-expected sales for its fiscal fourth quarter, despite maintaining its earnings guidance range.
In a business update, Macy's stated that its net sales for the fourth quarter are expected to reach, or slightly fall below, the lower end of its previously projected outlook of $7.8 billion to $8.0 billion. This indicates a potential miss compared to analysts' estimates of $7.885 billion in sales for the quarter.
However, the company reaffirmed its adjusted earnings per share (EPS) guidance for the fourth quarter, anticipating a range of $1.40 to $1.65, which is in line with the consensus estimate of $1.57.
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