Macy's same-store sales growth trumps estimates, shares rise

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

Macy's shares have increased 19 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 percent.

Revenue - Revenue also proved to be a driver of momentum in M stock. Bank of New York Mellon Corp now owns 10,653,773 shares of the company's stock valued at $268,367,000 after buying an additional 2,328,072 shares during the last quarter.

Macy's, Inc. recently stated first quarter 2018 earnings per diluted share of $0.45, or $0.48 apart from impairment and other costs. Comp sales on an owned plus licensed basis are seen rising 1%-2%.

Shares of Macy's Inc. "We are maintaining a healthy inventory position, which helped us deliver improved gross margin", he said. "The winning formula for Macy's, Inc.is a healthy brick & mortar business, robust e-commerce and a great mobile experience". "While we have more work to do, the continuing improvement in our stores is encouraging and we once again achieved double-digit growth in the digital business".

Gennette, who took over for longtime Macy's CEO Terry Lundgren in March 2017, added that consumer spending remained "healthy" and that there were "significant improvements in global tourism".

The company is raising its profit guidance for fiscal 2018.

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During the quarter, Macy's also made $24 million in gains on real estate sales and spent $19 million winding down Macy's China. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock.

The retailer's 4.2 per cent rise in same-store sales in the first quarter easily topped Wall Street's 1.4 per cent estimate.

Macy's (NYSE:M) last announced its quarterly earnings results on Tuesday, February 27th. The business's quarterly revenue was up 1.8% compared to the same quarter a year ago. BlackRock Inc. increased its holdings in Macy's by 10.6% during the 1st quarter.

In related news, CFO Karen M. Hoguet sold 67,515 shares of Macy's stock in a transaction on Thursday, March 1st.

For the thirteen-week period ended May 5, Macy's earned US$139mln, or US$.045 per share, which was more than a third higher than the year-ago quarter, when it earned US$78mln or US$.026 per share. "The company has come to a mutual agreement to end the joint venture with Fung Retailing Limited", the company said in its release, adding that Macy's would remain active on Alibaba's TMall. Much of the boost in comparable sales was attributable to a change in timing of a big Friends and Family sale, which took place in the first quarter this year after having landed in the second quarter last year.

Net cash offered by operating activities was $322 million in the first quarter of 2018, contrast to $237 million in the first quarter past year.

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