Macy's, Inc. (M - Free Report) , one of the leading department store retailers, posted first-quarter fiscal 2018 adjusted earnings of 48 cents a share, excluding impairment and other costs. Also excluding gain from sales of assets, earnings came in at 42 cents. We note that the bottom line comfortably surpassed the Zacks Consensus Estimate of 36 cents
For fiscal 2018, management now anticipates adjusted earnings in the band of $3.75- $3.95 per share.
Estimate Revision:The Zacks Consensus Estimate for fiscal 2018 has been stable over the past 30 days at $3.64.
Revenues:Macy's generated net sales of $5,541 million that increased 3.6% year over year and surpassed the Zacks Consensus Estimate of $5,444 million. Comparable sales on an owned basis increased 3.9% in the reported quarter and rose 4.2% on an owned plus licensed basis.
The company expects total sales to range from a 1 percent decline to a 0.5 percent increase in fiscal 2018.
Key Events:Macy’s has come to a mutual agreement to close the joint venture with Fung Retailing Limited. Macy’s has also expressed plans to remain active on Alibaba’s e-commerce platform TMall, along with social media channels. The ongoing China business will be managed by Macy’s e-commerce team in San Francisco and operational support will be provided by Fung Omni in Shanghai.
Zacks Rank:Currently, Macy's carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.You can see the complete list of today’s Zacks #1 Rank stocks here.
Stock Movement:Macy's shares are up 6.8% during pre-market trading hours following the company’s results.
Check back later for our full write up on Macy's earnings report!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>