Macy's Stock Soars After Crushing Q1 Earnings Forecasts, Lifting Views

Macy’s sales surge thanks to tourist shoppers

After closing dozens of unprofitable stores, Macy's Inc. reported higher sales at those locations still open amid the first signs that the department store giant is pulling out of a prolonged slump.

Shares of Macy's Inc surged more than 10% in premarket trading on Wednesday after the company reported first quarter earnings that finished above Wall Street estimate. At 48 cents, the company's earnings per share were 12 cents higher than the FactSet consensus of 36 cents. Enterprise Financial Services Corp now owns 5,348 shares of the company's stock valued at $135,000 after purchasing an additional 2,706 shares in the last quarter.

Net income totaled $139 million for the quarter, or 2.5 percent of sales, compared to $78 million, or 1.5 percent of sales, for the same quarter past year. The company said its strength was broad-based across geographic regions and across its stable of brands, which includes Bloomingdale's and Bluemercury.

Chief Executive Jeff Gennette said in prepared remarks that Macy's "saw continued healthy consumer spending and significant improvements in global tourism". During the quarter, analysts expected that the company would generate earnings in the amount of $0.37 per share. Analysts only expected that same store sales would rise by 1.4%.

Looking ahead, Macys anticipates full year 2018 diluted earnings of $3.75 to $3.95 per share.

Macy's (NYSE:M) last posted its earnings results on Tuesday, February 27th. Consensus estimates call for $3.61 in EPS on $24.73 billion in revenue for the year. Comp sales on an owned plus licensed basis are seen rising 1%-2%. "While we have more work to do, the continuing improvement in our stores is encouraging and we once again achieved double-digit growth in the digital business".

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"Our first quarter performance reflects solid execution of our North Star Strategy, including merchandising and marketing activities", Chairman and CEO Jeff Gennette said in a statement.

Same Store Sales - Perhaps the most impressive line on the report had to do with same store sales. In the same period previous year, net income was $78 million, or $0.26 per share.

Macy's has started getting in benefits of healthy consumer spending after a strong holiday season.

Just last week, the shares of Macy's Morgan were downgradedbg Morgan Stanley, citing declining sales and profit "pressure" from online players for the ratings change.

Net cash offered by operating activities was $322 million in the first quarter of 2018, contrast to $237 million in the first quarter a year ago. BMO Capital Markets set a $38.00 price target on shares of Macy's and gave the company a buy rating in a research report on Friday, January 5th. Macy's will remain active on Alibaba's e-commerce platform TMall, as well as social media channels. The department-store chain now expects annual sales to be in a range of down 1% to up 0.5% from its prior forecast of sales falling between 0.5% and 2%.

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