Yahoo Finance is tracking Macy’s, Kohl’s, and Snap in intraday trading on Thursday.
Macy’s (M) – Shares of the department store are sliding following weak earnings results. Macy’s struggled to increase store traffic as same-store sales dropped 4.6% during the first three months of the year, which is more than the 2.7% decline analysts’ expected. Earnings and revenue also fell short of Wall Street estimates. Macy’s reported earnings of 24 cents per share on revenue of $5.34 billion. Despite disappointing results, Macy’s CEO Jeff Gennette remained positive about the future. In a statement he said, “We are encouraged by the performance of the pilot programs we tested last year in categories like women’s shoes, fine jewelry, and furniture and mattresses. We look forward to expanding these successful initiatives nationally this year and anticipate they will have a measurable impact on our performance starting in the second quarter, building through the fall.”
Kohl’s (KSS) – The department store beat on earnings but missed on revenue for the first quarter. Kohl’s also reported a drop in same-store sales for the fifth quarter in a row. Comparable sales fell 2.7%, more than the 1.1% decline analysts were expecting. But the results didn’t deter Kohl’s CEO Kevin Mansell from being upbeat when talking about the retailer’s past three months. He said, “We are encouraged by the significant improvement in sales and traffic for the March and April period, after a weak February start to the first quarter.”
Snap (SNAP) – The parent company of Snapchat disappointed Wall Street with slower user growth and weak quarterly results after the bell Wednesday. Shares are down nearly 19% as of 11:45 a.m. ET on Thursday. Snap reported it added 8 million daily users during the quarter, bringing its total daily users to 166 million. The company’s average revenue per user (ARPU) climbed to 90 cents during the first three months of the year, an increase of 181% from a year earlier.
For more on Thursday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.