Published: Thu, May 17, 2018
Life&Culture | By Rose Hansen

Macy's: Fiscal 1Q Earnings Snapshot

Macy's: Fiscal 1Q Earnings Snapshot

Excluding one-time items, it earned 48 cents per share. Ltd lifted its holdings in shares of Macy's by 78.4% in the first quarter. Analysts were calling for earnings of $3.61 a share, according to a Thomson Reuters survey. Finally, Doyle Wealth Management raised its position in Macy's by 8.9% during the first quarter. Yet it was also driven by Macy's decision to shift its "Friends & Family" sale from the second-quarter to the first.

Macy's said a stellar performance at its businesses helped push quarterly same-store sales and profit well above Wall Street estimates, signaling the company was keeping up in a fiercely competitive retail landscape.

Macy's CEO Jeff Gennette said during the call that its strong results were attributed to having a healthier inventory system and avoiding heavy discounts. "The winning formula for [Macy's] is a healthy brick-and-mortar business, robust e-commerce and a great mobile experience". 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.

" While beating prior year sales was never guaranteed, with a little effort it has been relatively easy for Macy's to engineer a better performance", Saunders said, noting that these numbers were also improved by the closure of its underperforming stores, which previously "dragged down" sales numbers.

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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 global tourism". Net sales were $5.54 billion versus $5.35 billion in the year-previous quarter. Comparable sales rose 3.9% in Q1, Macy's said. Following the completion of the sale, the director now directly owns 16,184 shares in the company, valued at $473,382. The department store retailer's operating income increased almost 8.7% year over year to $238 million, or about 4.3% of sales. The company anticipates recognizing additional charges of about $10 million related to the wind-down over the course of fiscal 2018. The company began expanding its Vendor Direct program during the first quarter and will be fully underway with the strategy by fall. Net income almost doubled, to $139 million in Q1 from $78 million in the year-ago period. J.C. Penney was up 2.5 percent, Kohl's rose 2 percent, Nordstrom, which reports its first-quarter earnings on Thursday, was up 1.5 percent and Target Corp was up 3.5 percent at around midday. The business had revenue of $8.67 billion during the quarter, compared to the consensus estimate of $8.70 billion. Net operating cash flow jumped 36% to $322 million.

To combat rivals, the department store chain has been focused on rolling out new concepts in stores, like branded pop-up shops, and expanding its off-price business, Macy's Backstage. Macy's has come to a mutual agreement to end the joint venture with Fung Retailing.

The corporate, which has company workplaces in Cincinnati and NY, additionally introduced that it is ending its China e-commerce three way partnership with Fung Retailing Ltd. Macy's updated its FY19 guidance to $3.75-3.95 EPS.

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