Macy’s Q1 Results Top Estimates; Lifts FY Outlook
Macy’s Inc. (M) reported that its net income for the first-quarter was $103 million or $0.32 per share compared to a net loss of $3.58 billion or $11.53 per share in the prior year. The results were driven by the positive effects of the government stimulus program and expanding vaccine rollout, coupled with the accelerated execution of Polaris strategy, including investments in digital platforms.
The company raised its fiscal-year 2021 guidance, due to improved macroeconomic trends and strength of Polaris strategy execution.
The company increased its annual adjusted earnings per share guidance to a range of $1.71 – $2.12 from the previous outlook of $0.40 – $0.90. Analysts expect annual earnings of $0.79 per share.
The company now expects annual net sales to be between $21.73 billion and $22.23 billion compared to the prior estimation of $19.75 billion- $20.75 billion. Analysts expect revenues of $20.73 billion for the year.
Net income, excluding certain items, for the first-quarter was $126 million or $0.39 per share compared to a loss of $630 million or $2.03 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.41 per share for the first-quarter. Analysts’ estimates typically exclude special items.
Net sales for the first-quarter grew to $4.71 billion from $3.02 billion in the prior year. Analysts expected revenues of $4.37 billion for the quarter.
Comparable sales were up 62.5% on an owned basis and up 63.9% on an owned plus licensed basis versus 2020. Digital sales grew 34% over first quarter 2020 and grew 32% over first quarter 2019.
In Tuesday pre-market trade, M was trading at $20.20 up $1.04 or 5.43%.
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