Macy’s (M) Falls on 5th Day on Investor Caution Ahead of Q2 Earnings

We recently published 10 Stocks Bleeding Early. Macy’s Inc. (NYSE:M) is one of the worst-performing stocks on Monday.

Macy’s Inc. extended its losing streak to a fifth consecutive day on Monday, shedding 3.72 percent to close at $11.9 apiece, as investors unloaded portfolios ahead of the release of its earnings performance for the second quarter of the year.

Based on its historical reporting dates, Macy’s Inc. (NYSE:M) will release the results of its financial and operating highlights for the second quarter in the third week of August, or two weeks from now.

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However, the recent share price decline suggested a more cautious trading sentiment following a recent restructuring initiative that included the closure of 150 stores over a three-year period.

Of the total, Macy’s Inc. (NYSE:M) plans to close 66 stores this year, and impact its net sales in the second quarter of the year versus the same period last year.

In the first quarter of the year, Macy’s Inc. (NYSE:M) saw its net income decline by 39 percent to $38 million from $62 million in the same period last year.

Total revenues decreased by 4.2 percent to $4.79 billion from $5 billion year-on-year.