Macy's shares surge as sales and profits beat forecasts

Macy's Quarterly Results

Macy's Inc raised its full-year profit forecast on Wednesday and reported better-than-expected quarterly and same-store sales, helped by strong worldwide tourism spending, a new loyalty program and a greater assortment of products offered in stores.

That is still slightly better than analysts' expectations of a 1.4% increase, but it suggests that Macy's may struggle to maintain its momentum in the sales-free second-quarter.

Macy's Inc shares rose $2.57 (+8.59%) in premarket trading Wednesday.

Shares of rival department stores also rose.

Executives told investors the changes were paying off as planed, drawing more shoppers online and in stores and boosting sales overall.

Macy's operates approximately 690 department stores under the nameplates Macy's and Bloomingdale's, and more than 160 specialty stores that include Bloomingdale's The Outlet, Bluemercury, Macy's Backstage and STORY. It's also testing more curated merchandise displays and localized marketing. He said results are improving at its stores, coupled with robust online and mobile growth.

Battlefield V officially announced; Live reveal set for May 23
Be sure to stay tuned to DualShockers next week as we'll be reporting on all the latest Battlefield V news as it develops. On May 23, Battlefield players can either return to the Battlefield site or the series' YouTube channel at 1 p.m.

OPCW confirms chlorine gas used in February attack in Syria's Idlib
Syria and Russian Federation accused volunteer rescue workers of staging the Douma attack at the behest of the USA and its allies. The FFM's report on the Saraqib incident has been shared with States Parties to the Chemical Weapons Convention.

Microsoft said to plan low-cost tablet line to rival iPad
A $400 Surface might draw in new audiences that previously weren't interested due to the high-price of Surface products usually. As always, there will also be 64GB or 128GB variants, along with an LTE model for cellular connectivity too.

The strong quarter has prompted the retailer to raise its outlook for 2018. Further, it has been operating in a friendly economy environment, marked by strong consumer sentiment and spending, he said. Tax cuts have also left most US households with more money to spend, though higher gasoline prices have been cutting into that.

As per Neil Saunders of GlobalData Retail, "After a good holiday season, there was a question as to whether Macy's could continue to deliver a recovery". Yet it was also driven by Macy's decision to shift its "Friends & Family" sale from the second-quarter to the first.

"Macy's still has many fundamental issues that it needs to work through", he wrote, noting a still-unattractive store experience, customer traffic declines in many locations and tough competition. Net income for the quarter rose from $78 million a year ago (1.5 percent of sales) to $139 million (or 2.5 percent of sales) in the reported quarter.

In related news, Director Deirdre P. Connelly sold 9,092 shares of Macy's stock in a transaction that occurred on Thursday, March 8th. ING Groep NV raised its position in Macy's by 20.6% during the first quarter. At 48 cents, the company's earnings per share were 12 cents higher than the FactSet consensus of 36 cents. It also was a boon to M stock by beating out Wall Street's earnings per share estimate of 35 cents for the period. On an owned-plus-licensed basis, comparable sales were up 4.2% in this quarter.

Macy's now foresees a fiscal 2018 adjusted profit of $3.75 to $3.95 per share. It will remain active on Alibaba's e-commerce platform TMall and social media channels.

In other Macy's news, Chairman Jeffrey Gennette bought 10,000 shares of the firm's stock in a transaction dated Thursday, April 12th.

Related News:



Most liked

Flood watch in effect; here's how much rain we could get
The river will rise above the seven foot flood stage Monday afternoon and crest near 7.4 feet around 8:00 a.m. They said up to 70 homes in that area were unreachable as a result to flooded roads.

Using phone at night increases risk of mental health issues
A lower circadian amplitude denotes less distinction, in terms of activity levels, between active and rest periods of the day. The brain's internal time-keeping system anticipates environmental changes and adapts itself to the appropriate time of day.

Senate votes today on rollback of net neutrality rollback
The US Senate is voting Wednesday on whether to put the Federal Communications Commission's net-neutrality rules back in place. House of Representatives will even vote on the issue or President Trump would impart his required signature on the matter.

Sen. Grassley Threatens to Call on Pruitt to Quit Over Ethanol
Despite the mounting investigations into Pruitt's actions, President Donald Trump has said he still supports his EPA chief. EPA spokesman Jahan Wilcox did not respond to a question Tuesday about whether Pruitt was now flying coach.

Committee approves Trump's CIA director nominee, setting up full Senate vote
However, all eight Republicans and two of the seven Democrats on the panel earlier expressed support for Haspel. The remaining five Democrats had already announced their opposition and did not change their minds.

Novartis top lawyer exits over payment to Trump lawyer
Cohen, and that the company cooperated with the investigation and considers its role closed. After paying Essential Consultants a monthly fee of $100,000, the contract is now at an end.

Lando Calrissian Is Getting His Own Star Wars Movie
While Clarke's portrayal of Qi'ra is a bit one-note at times, she and Ehrenreich share a palpable chemistry together. But only a glimmer of the hardassed charmer that Harrison Ford IMMORTALIZED finds its way into this episode.

Pokemon Let's Go Pikachu & Pokemon Let's Go Eevee Domain Names Registered
It appears that Pokemon Let's Go Pikachu and Pokemon Let's Go Eevee could be the first Nintendo Switch Pokemon games. Some elements from more recent games will also be added, including the PokeRide feature from Pokemon Sun and Moon.

Matej Mohoric wins dramatic Stage 10 as Esteban Chaves implodes
Wednesday s 11th stage will be raced on a hilly route of 156 km from the central city of Assisi across to Osimo near the Adriatic coast.

Judge: Special counsel had authority to prosecute Paul Manafort
Her ruling also pointed to an August 2017 memo by Rosenstein that further detailed the scope of the probe. He told prosecutors to turn over a copy to him by Friday.

JR Smith 'known for' dirty plays, says Marcus Smart
Smart was having none of it, getting in Smith's face after the foul and speaking candidly about it after the game. When asked about the altercation, Smart told reporters he was just trying to stick up for a teammate.

Wisconsin basketball to play Xavier in 2018 Gavitt Games
Ohio State will play at Creighton and Penn State will face DePaul in Chicago on November 15, while the final game will see St. Played in honor of David Gavitt, the first commissioner of the Big East, this event is entering its fourth season.

NXP Semiconductors (NXPI) Upgraded to Hold at ValuEngine
The firm owned 32,273 shares of the semiconductor provider's stock after selling 3,324 shares during the quarter. Among 9 analysts covering NXP Semiconductors (NASDAQ: NXPI ), 2 have Buy rating, 0 Sell and 7 Hold.

Guarantor States of Syria Ceasefire Convene in Astana
The talks in Astana have been going on in tandem with another series of talks held in Geneva and brokered by the UN. However, they failed to achieve progress in the detainees' file.

Google Faces Australian Inquiry Over User Data Harvesting Concerns With Android
However, many devs doubt that the feature will still be available when the final version of Android P arrives. Then, by using this data with your coordinates, the search giant can know the shops you visited.