Same-store sales: an increased of 4.2% vs.an increase of 1.4% expected CEO Jeff Gennette said in a statement Macy's exceeded expectations "across all three brands - Macy's, Bloomingdale's, and Bluemercury - as well as across all geographic regions and families of business" during the first quarter of fiscal 2018.
Macy's good quarter suggests that many consumers are still willing to actually go to stores to shop instead of just buying clothes on their phones and tablets. Kistler Tiffany Companies LLC raised its position in shares of Macy's by 31.3% during the fourth quarter.
Full-year same-store sales on an owned-plus-licensed are expected to be up 1% to 2%. The department store retailer's operating income increased almost 8.7% year over year to $238 million, or about 4.3% of sales. American International Group Inc. now owns 23,923,612 shares of the company's stock valued at $602,636,000 after acquiring an additional 11,894,858 shares during the last quarter. LSV Asset Management now owns 3,916,854 shares of the company's stock worth $98,665,000 after purchasing an additional 144,600 shares during the last quarter. Institutional investors own 89.05% of the company's stock. Jefferies Group reiterated a "hold" rating on shares of Macy's in a report on Tuesday, February 27th. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.45 and a current ratio of 1.47. Macy's Inc. has a 1 year low of $29.51 and a 1 year high of $30.10. The firm has a market capitalization of $9.03 billion, a PE ratio of 7.94, a PEG ratio of 0.96 and a beta of 0.73. Net income climbed to $139 million, or 45 cents per share, in the period ended May 5, from $78 million, or 26 cents a share, a year ago.
Net sales in the first quarter of 2018 totaled $5.541 billion, a boost of 3.6 percent, contrast with sales of $5.350 billion in the first quarter of 2017.
During the quarter, Macy's also made $24 million in gains on real estate sales and spent $19 million winding down Macy's China.
Analysts on average were expecting earnings of 37 cents per share and revenue of $5.36 billion.
Morgan Stanley analyst Kimberly Greenberger downgraded Macy's to "underperform" last week, basically a "sell" rating.
OTR Global upgraded shares of Macy's (NYSE:M) to a positive rating in a report issued on Friday, May 4th, The Fly reports. Finally, Deutsche Bank boosted their price objective on Macy's from $27.00 to $28.00 and gave the company a "hold" rating in a research report on Monday, February 26th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Its shares surged almost 9 percent Wednesday, and the stocks of other department store chains rose as well. "We're getting better sell-throughs and we're getting better value on it". Following the sale, the chief financial officer now directly owns 67,515 shares in the company, valued at $1,984,265.85. The sale was disclosed in a legal filing with the SEC, which is available at this link.