Macy’s Sails Past Q1 Earnings Expectations, Confirms Guidance
Macy’s reported first-quarter earnings that surpassed analysts’ expectations Wednesday and reaffirmed its 2019 guidance. The retailer, which had been struggling, saw an increase in same-store sales growth and strong gains from its online revenue push. Earnings for the first quarter ending in March were down 8.3% from last year but 11 cents ahead of expectations.
Looking into 2019, Macy’s said it sees same-store sales rising by 1% for the full year, with flat net revenues and diluted earnings per share in the region of $3.05 to $3.25, supported by about 25 cents per share in asset sale gains.
Read more at The Street.