(CNBC) — Macy's investors may not want to count on the beleaguered department store making its much-needed recovery in the first quarter.
According to fresh estimates from Retail Metrics, Wall Street expects the big-box chain to report declines in four major metrics — earnings per share, operating income, revenue and comparable sales — in what would be a disappointing kickoff to the new fiscal year.
Ken Perkins, president of Retail Metrics, said Macy's is expected to earn 38 cents a share in the recently ended quarter when it reports earnings before the opening bell Wednesday. That would represent a decline of nearly 50 percent from the prior-year period. Retail Metrics is also calling for a year-over-year operating income decline of 40 percent, a 4.4. percent drop in revenue, and a comparable-sales slide of 3.2 percent.
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