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. Macy's had a net margin of 6.23% and a return on equity of 24.93%. The company also raised its earnings guidance for 2018 by 20 cents per share, to between $3.75 and $3.95. This is better than the earnings per share of 26 cents reported in the same time past year. Comparable sales on an owned basis were up 3.9 percent in the first quarter and up 4.2 percent on an owned plus licensed basis.
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According to the trading reports on Wednesday, the company's shares shot up more 7 percent to $32.16 a piece, which was on pace for their best day since November 29, when the stock gained 8.16 percent. 1,175,559 shares of the company traded hands, compared to its average volume of 10,118,120. The chain's prior outlook was for an adjusted profit between $3.55 and $3.75 per share and revenue that would be down 0.5 percent to 2 percent. The business had revenue of $8.67 billion during the quarter, compared to the consensus estimate of $8.70 billion. Macy's has a one year low of $29.51 and a one year high of $30.10.
Investors were elated. Shares of Macy's surged 7% on the news. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Karen M. Hoguet sold 67,515 shares of the business's stock in a transaction dated Thursday, March 1st. Following the sale, the chief financial officer now directly owns 67,515 shares in the company, valued at $1,984,265.85. The disclosure for this sale can be found here. American International Group Inc. now owns 23,923,612 shares of the company's stock worth $602,636,000 after purchasing an additional 11,894,858 shares during the last quarter. "There's a lot of non-cannibalizing product that can go into the mix there", chairman and CEO Jeff Gennette told analysts during this morning's first-quarter call.
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After a good holiday season, there was a question as to whether Macy's could continue to deliver a recovery... Dimensional Fund Advisors LP increased its stake in shares of Macy's by 13.6% in the 1st quarter. Finally, Contrarius Investment Management Ltd increased its stake in shares of Macy's by 2.5% in the 1st quarter. Analysts were looking for $5.4 billion and 37 cents respectively. ValuEngine downgraded Macy's from a "buy" rating to a "hold" rating in a research report on Sunday, December 31st. OTR Global upgraded shares of Macy's to a "positive" rating in a research note on Friday, May 4th.
Shares of Macy's closed Tuesday at $29.93, with a consensus analyst price target of $29.71 and a 52-week trading range of $17.41 to $32.45.
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The company said it has focused on selling a more curated assortment of trendier clothes.