Macy's (M) Soars On Earnings Beat & Strong Guidance

By Zacks Investment ResearchStock MarketsFeb 26, 2018 10:59PM ET

www.investing.com/analysis/macys-m-soars-on-earnings-beat--strong-guidance-200294753

Macy's (M) Soars On Earnings Beat & Strong Guidance

By Zacks Investment Research | Feb 26, 2018 10:59PM ET

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Macy’s Inc. ( (NYSE:M) ) just released its latest quarterly financial results, posting adjusted earnings of $2.82 per share and revenues of $8.67 billion.

Currently, M is a Zacks Rank #2 (Buy), but that could change based on today’s results. The stock is currently up 11.37% to $30.55 per share in early morning trading shortly after its earnings report was released.

Macy’s:

Beat earnings estimates. The company posted adjusted earnings of $2.82 per share, beating the Zacks Consensus Estimate of $2.69.

Missed revenue estimates. The company saw revenue figures of $8.67 billion, missing our consensus estimate of $8.72 billion.

Total revenues climbed 1.8% from the year-ago period. Same-store sales increased 1.3%.

“We were disciplined with our promotional cadence and maintained a good inventory position,” said Jeff Gennette. “We head into 2018 with an improved base business, healthy inventories, a focused and engaged organization and a clear path to return Macy's to growth.”

Gennette would later tell CNBC that same-store sales were up about 3% in the month of January.

Looking ahead, Macy’s expects fiscal 2018 earnings to fall in the range of $3.55 to $3.75 per share. Our Zacks Consensus Estimate heading into the report called for full-year earnings of $2.89 per share. Macy’s also expects comps to be flat to up 1% on the year.

Here’s a graph that looks at Macy’s recent earnings performance:

Macy's Inc Price, Consensus and EPS Surprise

Macy's Inc Price, Consensus and EPS Surprise | Macy's Inc Quote

Macy's is one of the nation's premier retailers, operating about 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico, under the names of Macy's, Bloomingdale's, Bloomingdale's Outlet and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites.

Check back later for our full analysis on M’s earnings report!

Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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Zacks Investment Research

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Macy's (M) Soars On Earnings Beat & Strong Guidance

Macy's Inc Price, Consensus and EPS Surprise

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