Macy’s posted comparable sales gains across all three banners in the first quarter while earnings exceeded Wall Street expectations.
An analyst consensus estimate from Zacks Investment Research put Macy’s first-quarter earnings at two cents per diluted share, with revenues of $4.62 billion.
Macy’s comparable sales gained 3% on an enterprise basis, the company reported. Macy’s banner comps advanced 1.6%, while those at Bloomingdale’s increased 10.2% and those at Bluemercury increased 6.4% year over year.
Net sales were $4.68 billion and total revenues were $4.89 billion versus $4.6 billion and $4.79 billion, respectively, in the year-prior quarter, Macy’s maintained. Operating income was $112 million versus $94 million in the year-prior period.
Macy’s raised guidance for the year, now expecting net sales of $21.5 billion to $21.75 billion, up from a previous forecast of $21.4 billion to $21.65 billion. The company also increased its comparable sales outlook to growth of 0.5% to 1.2%, versus prior expectations of down 0.5% to up 0.5%, and adjusted diluted earnings per share to $2 to $2.20 from $1.90 to $2.10.
In announcing the financial results, Tony Spring, Macy’s chairman and CEO, said, “We’re off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum. Customers are responding, driving comparable sales growth at Macy’s and another standout quarter at Bloomingdale’s, underscoring its leadership in modern luxury. We’re operating with discipline and focusing on what matters most: our customers. With the power of our multi-brand, multi-category, multi-generational portfolio, we’re confident in our path to sustainable, profitable growth. And we’re excited to continue our year of celebrations at Macy’s, including the 50th anniversary of Macy’s Fourth of July Fireworks, as we mark the nation’s 250th.”
