Macy’s (NYSE:M) reported first-quarter earnings and same-store sales that topped analysts’ expectations, as its initiatives to refresh outdated stores and get more people to shop using its mobile app showed signs of paying off.
Earnings per share were 44 cents, compared to 33 cents expected.
Revenue was $5.504 billion vs. $5.505 billion expected.
Same-store sales were up 0.7% vs. a decline of 0.2% expected, on an owned plus licensed basis
CEO Jeff Gennette said e-commerce revenues grew a double-digit percentage rate during the quarter, while mobile remains Macy’s fastest-growing channel for sales growth.
Macy’s reported net income for the quarter ended May 4 of $136 million, or 44 cents a share, compared with $139 million, or 45 cents per share, a year ago. That was ahead of analysts’ expectations for 33 cents.
Sales dropped to $5.504 billion from $5.541 billion. That was about in-line with analysts’ expectations for revenues of $5.505 billion.
For fiscal 2019, Macy’s is still calling for net sales to be about flat with the prior year. Same-store sales on an owned plus licensed basis are forecast to be flat to up 1%. And Macy’s still expects adjusted earnings per share to fall within a range of $3.05 to $3.25. Analysts had been calling for annual earnings of $3.09 a share.
Shares gained 27 cents, or 1.2%, to $22.07
