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- Macy’s reported first-quarter results that topped expectations.
- The retailer reaffirmed its annual guidance for 2019.
- Shares were up 2.5%% ahead of Wednesday’s opening bell.
- Watch Macy’s trade live.
Macy’s on Wednesday reported first-quarter results that topped Wall Street estimates, sending shares up 2.5% ahead of the opening bell.
The retailer earned an adjusted $0.44 a share on revenue of $5.7 billion, beating the $0.32 and $5.5 billion that analysts surveyed by Bloomberg were expecting. It’s owned plus licensed comps of up 0.7% outpaced the up 0.3% that was anticipated. Macy’s said its digital business saw "double-digit growth," but did not give a number.
Asset sale gains totaled $31 million on an after-tax basis, leading to a $0.10 per share attributable to Macy’s shareholders. The amount was $43 million on a pre-tax basis.
"Macy’s, Inc. is off to a solid start this year, delivering our sixth consecutive quarter of comparable sales growth and making progress against the North Star Strategy," chairman and CEO Jeff Gennette said in the earnings release. "As an omnichannel retailer, we are focused on growing our customer base by providing a great experience across all channels and taking market share category by category."
Looking ahead, Macy’s reaffirmed its annual guidance for 2019. Specifically, it sees diluted earnings per share excluding settlement charges, impairment, and other costs of $3.05 to $3.25 and net sales that are approximately flat. The retailer also sees owned plus licensed comps of flat to up 1%.
Macy’s shares were down 27% this year through Tuesday.
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Source: Business Insider – jgarber@businessinsider.com (Jonathan Garber)