ibusinesslines.com September 21, 2018

Macy's higher into earnings

16 May 2018, 11:14 | Kelvin Horton

Macy's topped Wall Street's profit forecasts Tuesday

Macy's topped Wall Street's profit forecasts Tuesday

(NYSE:M) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.07, Bloomberg Earnings reports. During the same period in the previous year, the business earned $2.02 earnings per share. analysts expect that Macy's Inc. will post 3.63 EPS for the current fiscal year. The retailer's comps were more than three percentage points higher than the FactSet consensus of 0.7%, cited by MarketWatch, and top-line sales were more than $10 million higher than the FactSet consensus of $5.43 billion. Analysts are estimating revenue of $24.73 billion for the year. Macy's updated its FY19 guidance to $3.75-3.95 EPS. Its shares surged almost 9 percent Wednesday, and the stocks of other department store chains rose as well. The stock was trading on a volume of 26.74 million shares and the average volume of the stock remained 9.88 million shares. 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. Macy's has a one year low of $29.51 and a one year high of $30.10.

Overall sales rose 3.6% from a year ago, better than expected. Following the transaction, the director now directly owns 16,184 shares of the company's stock, valued at approximately $473,382.

Including Wednesday's gains, Macy's shares are up about 25 percent so far this year. The stock was sold at an average price of $29.39, for a total transaction of $1,984,265.85. The disclosure for this purchase can be found here. Wall Street is looking for earnings per share of $3.61 for 2018.

The retailer once again posted double-digit sales growth from digital sales thanks in part to improvements the company has made to its website and app

Several analysts have weighed in on the stock. OTR Global upgraded shares of Macy's to a "positive" rating in a research note on Friday, May 4th. ValuEngine downgraded Macy's from a "buy" rating to a "hold" rating in a research report on Sunday, December 31st. Deutsche Bank lifted their price target on shares of Macy's from $27.00 to $28.00 and gave the stock a "hold" rating in a report on Monday, February 26th.

The company said it has focused on selling a more curated assortment of trendier clothes. The stock now has an average rating of "Hold" and a consensus target price of $26.63. Excluding a shift of Friends and Family from Q2 to Q1, same-store sales were up 1.7% on an owned plus licensed basis. Advisory Services Network LLC raised its position in Macy's by 18.1% during the fourth quarter. Finally, Contrarius Investment Management Ltd increased its stake in shares of Macy's by 2.5% in the 1st quarter. It also operates as a spa and beauty products retailer. It sells a wide range of items, such as accessories and apparel for women, men, and kids; home furnishings; cosmetics; and other accessories.

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