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Macy's Q1 Earnings Report: What You Need To Know
16 May 2018, 11:46 | Joann Bryant
Who would've thought Macy's would be drawing lines again
Shares of NYSE:M traded up $2.82 during midday trading on Wednesday, hitting $32.75.
For the full year, Macy's expects earnings per share of between $3.75 and $3.95, $0.20 higher than its previous forecast. This compares to $0.26 per share in the first quarter of 2017 for both stated and adjusted diluted earnings per share.
Shares of Macy's Inc. Analysts were looking for $5.4 billion and 37 cents respectively. 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.
Macy's (NYSE:M) issued its quarterly earnings data on Wednesday.
"We exceeded our expectations and saw strong performance across all three brands.as well as across all geographic regions", Chief Executive Officer Jeff Gennette said. We are maintaining a healthy inventory position, which helped us deliver improved gross margin. "The winning formula for [Macy's] is a healthy brick-and-mortar business, robust e-commerce and a great mobile experience".
"The continuing improvement in our stores is encouraging and we once again achieved double-digit growth in the digital business", Gennette said in a statement. It also recently bought the concept store called Story, which rotates themes and what it sells every few months, and brought Story's founder Rachel Shechtman aboard to create better shopping experiences at Macy's. It also had significant improvements in worldwide tourism, which was up 10 percent - its best numbers since 2014.
The company is raising its profit guidance for fiscal 2018.
And this timing shift likely means second-quarter results are going to look relatively weak compared to a year earlier.
Net sales rose 3.6% to $5.54 billion in the quarter. Over the last quarter, insiders sold 107,392 shares of company stock valued at $3,173,164.
The company posted a net income of $139 million, or $0.45 per share during the quarter. Much of the boost in comparable sales was attributable to a change in timing of a big Friends and Family sale, which took place in the first quarter this year after having landed in the second quarter last year. Net cash used by financing activities in the first quarter of 2018 was $99 million, contrast with $273 million a year ago.
On the corporate news front, Macy's revealed that it has come up with a new approach to handle its business in China.
Macy'sresults follow government data released Tuesday showing that US retail sales rose a solid 0.3 percent in April, a sign that shoppers may be rebounding from weak spending earlier this year.
The company, which has corporate offices in Cincinnati and NY, also announced that it's ending its China e-commerce joint venture with Fung Retailing Ltd.
Maybe Macy's Inc. wasn't just coasting on the holiday spirit after all. Total sales are expected to range from a 1 percent decline to a.5 percent increase in fiscal 2018. If one strips out the promotional sale, though, same-store sales would only have risen about 1.7%, according to Macy's.
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