Macy's Takes Off In First Quarter, Profits Soar


The stock showed a positive performance of 9.56% in the recent trading session at 11:13 a.m. EST. The stock had a trading volume of 393,408 shares, compared to its average volume of 10,137,291. Earnings, adjusted for one-time gains and costs, were 48 cents per share.

Macy's now foresees a fiscal 2018 adjusted revenue of $3.75 to $3.95 per share. Bank of New York Mellon Corp increased its stake in shares of Macy's by 28.0% in the 4th quarter.

It also forecast full-year comparable sales at its owned plus licensed stores to rise between 1 percent and 2 percent.

The corporate reported its second straight quarter of upper gross sales at current shops after a three-year funk.

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

" 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.

"There's a lot of non-cannibalizing product that can go into the mix there", chairman and CEO Jeff Gennette told analysts during this morning's first-quarter call.

On the call, Gennette attributed some of the gains to a 10 percent uptick in global tourism spending, along with what he called "a very healthy inventory position", indicating that the retailer has made better merchandising decisions and relied less on discounting to sell through product.

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The quarter also benefited from a change in accounting that shifted its Friends & Family promotional programme from the second quarter to the first, the company said.

Overall sales rose 3.6% from previous year, better than expected. Two months ago, a Credit Suisse report indicated that Macy's isn't closing stores fast enough, suggesting that the department store would have to close 100 more locations to get back to pre-recession levels of sales productivity. Following the sale, the chief financial officer now directly owns 67,515 shares in the company, valued at $1,984,265.85. The winning formula for Macy's, a healthy brick & mortar business, robust e-commerce and a great mobile experience. The company said that it had $0.48 in earnings per share (EPS) on $5.54 billion in revenue, which compares with consensus estimates from Thomson Reuters of $0.35 in EPS on revenue of $5.39 billion. 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. Dimensional Fund Advisors LP now owns 8,864,888 shares of the company's stock worth $263,642,000 after acquiring an additional 1,064,651 shares in the last quarter. Net operating cash flow jumped 36% to $322 million. They set a "neutral" rating and a $31.00 target price for the company. The company has come to a mutual agreement to end the joint venture with Fung Retailing Limited.

Total sales in 2018 are predicted by Macy's to climb as much as half a percent. Insiders have sold 107,392 shares of company stock valued at $3,173,164 over the last ninety days.

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