Macy's Same-Store Sales Rise, Affirms Full-Year Outlook
May 15 2019 - 9:07AM
Dow Jones News
By Aisha Al-Muslim
Macy's Inc. posted stronger-than-expected sales growth in the
latest period as the retailer said it benefited from more customers
making purchases through digital channels.
Sales at stores open at least a year grew 0.6% for the period
ended May 4, above the FactSet estimate of a 0.6% decrease.
Including licensed departments, same-store sales rose 0.7%.
Overall, the Cincinnati-based company reported Wednesday net
sales for the first quarter fell less than 1% to $5.5 billion.
The company posted a profit of $136 million, or 44 cents a
share, down from $139 million, or 45 cents a share, a year earlier.
Excluding impairment and other costs, adjusted earnings were 44
cents a share, higher than the 33 cents a share that analysts
polled by FactSet were looking for.
Macy's also affirmed its sales and earnings guidance for the
current fiscal year. The company expects net sales to be roughly
flat from the last fiscal year, with comparable sales to be flat to
up 1%. Excluding settlement charges, impairment and other costs,
the company forecasts adjusted earnings per share of $3.05 to
$3.25.
The stock rose more than 4% to $22.74 in premarket trading.
Shares are down 27% in the last year.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
May 15, 2019 08:52 ET (12:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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