Macy's easily beats forecasts, lifts full-year expectations

Macys Inc

Macys Inc

Institutional investors own 89.05% of the company's stock. (NYSE:M) shot up after the American retailing giant crushed market expectations for both its fiscal first-quarter revenue and profit and raised its outlook for the full year. As of April 2018 the company operated a total of 160 specialty stores and 690 department stores under its brands Macy's, Bloomingdale's, and Bluemercury brands. Macy's earned a coverage optimism score of 0.09 on Accern's scale.

Under Jeff Gennette, Macy's CEO of 14 months, the company emphasized what he has called Macy's "fashion authority", promoting the use of personal stylists in stores and focusing more on products in promotional materials and less on what percentage off the sales prices is being offered. The firm had revenue of $5.54 billion for the quarter, compared to analyst estimates of $5.39 billion.

The quarterly results marked a turnaround from the declines that Macy's has been clocking on a regular basis for the past few years, as the company has shed stores and employees in an effort to stabilize. Finally, Contrarius Investment Management Ltd increased its stake in shares of Macy's by 2.5% in the 1st quarter. Gennette's team has also overhauled Macy's loyalty program to wring out more business from existing shoppers who had been drifting in recent years. ValuEngine lowered shares of Macy's from a "buy" rating to a "hold" rating in a report on Friday, February 2nd.

Shares of Macy's traded up $1.63, hitting $31.56, during midday trading on Wednesday, MarketBeat Ratings reports.

He added that the retailer had double-digit growth in its digital business in Q1 and that "our best customer is responding well to the improvements" made in Macy's stores and digital platforms.

M stock was up 9% as of Wednesday morning. The stock was sold at an average price of $29.39, for a total transaction of $1,984,265.85. 370,623 shares of the company's stock were exchanged, compared to its average volume of 10,037,056. Kistler Tiffany Companies LLC now owns 8,900 shares of the company's stock worth $224,000 after purchasing an additional 2,120 shares during the period. The disclosure for this purchase can be found here.

The stock has a market cap of $9,296.40, a price-to-earnings ratio of 8.41, a price-to-earnings-growth ratio of 0.99 and a beta of 0.75. Macy's has a one year low of $29.51 and a one year high of $30.10.

Macy's (NYSE:M) last announced its earnings results on Tuesday, February 27th.

The company said it now expects adjusted profit of $3.75 to $3.95 per share for the year, up from a prior forecast of $3.55 to $3.75. Analysts were looking for $5.4 billion and 37 cents respectively. Macy's had a return on equity of 24.93% and a net margin of 6.23%. The business's quarterly revenue was up 1.8% compared to the same quarter previous year.

Macy's, Inc., is an omni-channel retail company that operates outlets, mobile applications, and websites. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods.

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