Macy's (M) beats Q1 earnings estimates

NYSE: M | Macy's Inc Common Stock News, Ratings, and Charts

M – Net income totaled $136 million, or 44 cents per share. Category: Retail/wholesale.

Macy’s Inc. M, +0.53% shares jumped 6.6% in Wednesday premarket trading after the department store retailer reported first-quarter profit that blew past estimates. Net income totaled $136 million, or 44 cents per share, down from $139 million, or 45 cents per share last year. The FactSet consensus was for 33 cents. Sales totaled $5.50 billion, down slightly from $5.54 billion last year and just below the $5.53 billion FactSet guidance. Same-store sales on an owned basis rose 0.6%, and on an owned-plus-licensed basis, they were up 0.7%. FactSet guidance was for a 0.6% same-store sales decline. For 2019, Macy’s expects adjusted EPS of $3.05 to $3.25, sales to be approximately flat, and same-store sales on both an owned and owned-plus-licensed basis to be flat to up 1%. FactSet is guiding for EPS of $3.10, sales of $25.09 billion, compared with $24.97 billion last year, and same-store sales growth of 0.4%. Macy’s stock has fallen nearly 27% for the year to date while the ProShares Decline of the Retail Store ETF [S: emty] is down 3% and the S&P 500 index SPX, +0.24% has gained 13.1%.

Macy’s Inc. shares were trading at $22.00 per share on Wednesday morning, up $0.20 (+0.92%). Year-to-date, M has declined -24.95%, versus a 14.18% rise in the benchmark S&P 500 index during the same period.

M currently has a POWR Rating of F (Strong Sell), and is ranked #47 of 66 stocks in the Fashion & Luxury category.

This article is brought to you courtesy of MarketWatch .

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