Macy's Trades Lower Following 10-K Release

Shares of Macy's, Inc. (NYSE: M) were trading lower by around 1 percent on Wednesday after the company issued a 10-K filing which contained an earnings outlook.

Macy's expects its full year fiscal 2016 sales to fall approximately 2 percent year-over-year and comparable sales to decrease on an owned plus licensed basis of approximately 1 percent.

Macy's also stated it expects to realize an asset sale gain of approximately $235 million, including $86 million of additional gain from the sale of its Brooklyn real estate assets.

Accordingly, Macy's expects its diluted earnings per share for the full fiscal year to fall in a range of $3.80 to $3.90, excluding certain settlement accounting charges.

Wall Street analysts are currently estimating Macy's to earn $3.80 per share for the full year.