Macy’s blows past expectations and raises guidance

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macys workerKena Betancur/Getty Images


Macy’s
reported first-quarter results that exceeded Wall Street
estimates and raised its full year guidance, sending shares up as
much as 12% ahead of Wednesday’s opening bell.

The retailer earned an adjusted $0.42 a share as revenue rose
3.6% versus a year ago to $5.54 billion. Those figures easily
beat the $0.35 and $5.43 billion that Wall Street analysts
surveyed by Bloomberg were expecting. Additionally, owned plus
licensed comparable sales surged 4.2%, far better than the 1%
gain that Wall Street was expecting. 

“The winning formula for Macy’s, Inc. is a healthy brick &
mortar business, robust e-commerce and a great mobile
experience,” Macy’s Chairman and CEO Jeff Gennette said in the
earnings release.

“While we have more work to do, the continuing improvement in our
stores is encouraging and we once again achieved double-digit
growth in the digital business. Our best customer is responding
well to the improvements we’ve made to her experience in our
stores, on .com and through the Macy’s app.”

Looking ahead, Macy’s now sees adjusted earnings per diluted
share of $3.75 to $3.95 in fiscal 2018, up from its previous
estimate of $3.55 to $3.75.

Macy’s is up 18.8% this year.


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