Macy's same-store sales growth trumps estimates, shares rise

Macy's same-store sales growth trumps estimates, shares rise

Macy's on Wednesday reported first quarter net sales of $5.54 billion, a 3.6% increase over the year-ago period, according to a company press release. The company says it is now expecting earnings per share of $3.75 to $3.95 for the year. The company reported $2.82 EPS for the quarter, topping analysts' consensus estimates of $2.71 by $0.11. The company said its strength was broad-based across geographic regions and across its stable of brands, which includes Bloomingdale's and Bluemercury. The retailer's comps were more than three percentage points higher than the FactSet consensus of 0.7%, cited by MarketWatch, and top-line sales were more than $10 million higher than the FactSet consensus of $5.43 billion. Comparable sales on an owned plus licensed basis are predictable to increase between 1 and 2 percent. And it bumped up its full-year earnings and comparable-sales guidance. The company's stock has jumped more than 9% today, as of this writing. The business had revenue of $8.67 billion during the quarter, compared to the consensus estimate of $8.70 billion. Those open more than a year have seen positive comp sales, he said, and shoppers that visit them have been spending more and visiting more often.

He added that the retailer had double-digit growth in its digital business in Q1 and that "our best customer is responding well to the improvements" made in Macy's stores and digital platforms. Same-store sales climbed 4.2%, almost 3% points higher than analysts' prediction.

A number of large investors have recently bought and sold shares of M. American International Group Inc. lifted its stake in Macy's by 98.9% during the fourth quarter.

Gannette also stressed the importance of the company's turnaround effort called the "North Star" strategy and its revamped merchandising and marketing operations for the better-than-expected quarter.

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Gennette, who took over for longtime Macy's CEO Terry Lundgren in March 2017, added that consumer spending remained "healthy" and that there were "significant improvements in worldwide tourism".

Shares of M stock traded up $0.36 on Tuesday, hitting $29.99.

Net cash offered by operating activities was $322 million in the first quarter of 2018, contrast to $237 million in the first quarter previous year. Bank of New York Mellon Corp now owns 10,653,773 shares of the company's stock worth $268,367,000 after purchasing an additional 2,328,072 shares during the last quarter. The company said it is ending a joint venture with China's Fung Retailing that began in 2015. The winning formula for Macy's, Inc.is a healthy brick & mortar business, robust e-commerce and a great mobile experience.

Looking ahead, Macy's now projects its fiscal 2018 adjusted profit to fall between $3.75 and $3.95 per share, up from a range of US$3.55 to US$3.75.

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