Macy's easily beats forecasts, lifts full-year expectations

Macy's (M) Upgraded to Positive by OTR Global

Analysts predicted, for instance, that sales at Macy's Inc. stores open more than a year, including its licensed stores, would rise about 1.4%. The company's stock has jumped more than 9% today, as of this writing. The company had a trading volume of 1,867,745 shares, compared to its average volume of 10,118,120.

The Cincinnati-based department store chain said it had Q1 earnings of 42 cents a share on revenue of $5.54 billion, up 3.6 percent. Earnings, adjusted for one-time gains and costs, were 48 cents per share.

Looking ahead, Macys anticipates full year 2018 diluted earnings of $3.75 to $3.95 per share. Finally, Contrarius Investment Management Ltd boosted its stake in Macy's by 2.5% in the first quarter.

Macy's same-store sales on an owned basis grew 3.9%, and by 4.2% on an owned-plus-licensed basis, well above the FactSet consensus for a same-store sales increase of 0.7%. The sales of the store got an increase of 4.2 percent compared to the expected 1.4 percent.

Macy's is riding high after pulling off a strong first quarter - keeping up its momentum following robust holiday sales. We exceeded our expectations and saw strong performance across all three brands-Macy's, Bloomingdale's, and Bluemercury-in addition to across all geographic regions and families of business.

On Wednesday, the CEO of the Macy's, Jeff Gennette, said, "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".

"While we have more work to do, the continuing improvement in our stores is encouraging", Gennette said in a statement.

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"Our first quarter performance reflects solid execution of our North Star Strategy, including merchandising and marketing activities. Taken together, these positive factors give us confidence to raise both our sales and earnings guidance for the fiscal year", continued Gennette.

Net sales rose 3.6% to $5.54 billion in the quarter. Manning & Napier Group LLC increased its holdings in Macy's by 49.0% during the first quarter.

"This event is a big driver of sales and added 250 basis points to the comparable numbers". Following the completion of the transaction, the chief financial officer now directly owns 67,515 shares of the company's stock, valued at $1,984,265.85.

He also pointed to the success of the company's growing off-price division, Backstage, which is opening locations in more than 100 Macy's stores in 2018, including in premium malls. Bank of New York Mellon Corp raised its position in shares of Macy's by 28.0% in the fourth quarter. Net income almost doubled, to $139 million in Q1 from $78 million in the year-ago period. Net cash used by financing activities in the first quarter of 2018 was $99 million, contrast with $273 million previous year.

However, Macy's said it would remain active on Alibaba's social media channels and Tmall platform. The Macy's e-commerce team in San Francisco will manage the ongoing China business with operational support from Fung Omni in Shanghai.

The future danger, Saunders said, is that many of these dynamics will not hold as Macy's moves through the fiscal year.

The unexpected spike in global spending - up 10 percent from past year - marks only the second time since 2014 that spending by worldwide shoppers has increased, the company said.

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