Who would've thought Macy's would be drawing lines again
The company's stock rose almost 10% in premarket trading as Macy's blew away many estimates. The stock had a trading volume of 393,408 shares, compared to its average volume of 10,137,291. During the quarter, analysts expected that the company would generate revenue in the amount of $5.4 billion. Contrarius Investment Management Ltd raised its position in shares of Macy's by 2.5% in the first quarter. Excluding asset sales gains, earnings were 42 cents per share. Prudential Financial Inc. now owns 5,013,391 shares of the company's stock worth $109,392,000 after purchasing an additional 2,153,110 shares during the last quarter.
First-quarter earnings are in for Macy's Inc (NYSE:M), and the retailer has unwrapped a pleasant surprise for investors. The company said its strength was broad-based across geographic regions and across its stable of brands, which includes Bloomingdale's and Bluemercury. It also recently bought the concept store called Story, which rotates themes and what it sells every few months, and brought Story's founder Rachel Shechtman aboard to create better shopping experiences at Macy's. In particular, we're interested in following the recovery now being seen at Macy's as sales continue to rise. "Taken together, these positive factors give us confidence to raise both our sales and earnings guidance for the fiscal year", continued Gennette. However, the company actually generated revenue in the amount of $5.5 billion, handily beating expectations.
Looking ahead to the fiscal full year, the company now expects EPS in the range of $3.75 to $3.95, and comparable sales on an owned-plus-licensed basis are expected to increase between 1% and 2%. Apart From this, the company estimates that comparable sales were up 1.7 percent on an owned plus licensed basis.
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"Our first quarter performance reflects solid execution of our North Star Strategy, including merchandising and marketing activities", Chairman and CEO Jeff Gennette said in a statement. Stripping out impairment charges and other costs, earnings were 48 cents per share. Net income almost doubled, to $139 million in Q1 from $78 million in the year-ago period.
The company said in a call discussing its quarterly results that most of the benefits of its strategic initiatives will be seen in the second half of the year. Net operating cash flow jumped 36% to $322 million. Net cash used by investing activities in the first quarter of 2018 was $156 million, contrast with $60 million a year ago.
The company has set a new approach to its business in China. The company has come to a mutual agreement to end the joint venture with Fung Retailing Limited. Macy's will remain active on Alibaba's e-commerce platform TMall, as well as social media channels. "The winning formula for [Macy's] is a healthy brick-and-mortar business, robust e-commerce and a great mobile experience".
Also, EVP Felicia Williams sold 10,000 shares of Macy's stock in a transaction that occurred on Friday, March 2nd.
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