What Macy's Got Right in Q1

Macy’s sales surge thanks to tourist shoppers

Zacks Investment Research raised shares of Macy's from a hold rating to a buy rating and set a $28.00 target price on the stock in a research note on Wednesday, January 10th. Following the sale, the executive vice president now owns 10,000 shares of the company's stock, valued at $294,200. The company reported $2.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.71 by $0.11. Excluding one-time items, it earned 48 cents per share.

And this timing shift likely means second-quarter results are going to look relatively weak compared to a year earlier.

Net sales rose 3.6 percent to $5.54 billion in the quarter. At owned and licensed locations, they climbed 4.2 percent.

Gennette, who took over for longtime Macy's CEO Terry Lundgren in March 2017, added that consumer spending remained "healthy" and that there were "significant improvements in worldwide tourism". "The winning formula for [Macy's] is a healthy brick-and-mortar business, robust e-commerce and a great mobile experience".

The retailer once again posted double-digit sales growth from digital sales, thanks in part to improvements the company has made to its website and app.

On the call, Gennette attributed some of the gains to a 10 percent uptick in worldwide tourism spending, along with what he called "a very healthy inventory position", indicating that the retailer has made better merchandising decisions and relied less on discounting to sell through product. The firm had revenue of $5.54 billion for the quarter, compared to the consensus estimate of $5.39 billion. Manning & Napier Group LLC increased its holdings in Macy's by 49.0% during the first quarter. Following the transaction, the chief financial officer now owns 67,515 shares in the company, valued at $1,984,265.85.

At the same time, Gennette added, Macy's is doing a good job of managing its inventory, and new merchandising strategies are showing results.

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The company reported its second straight quarter of higher sales at existing stores after a three-year funk.

The company is raising its profit guidance for fiscal 2018.

Net income attributable to Macy's, Inc. shareholders for the first quarter of 2018 totaled $139 million, or 2.5 percent of sales, contrast to $78 million, or 1.5 percent of sales, for the first quarter of 2017. Sales, earnings, and cash flow all came in ahead of what the company predicted, prompting the retailer to raise its outlook for the rest of the year. Net cash used by financing activities in the first quarter of 2018 was $99 million, contrast with $273 million past year. Instead, Macy's will remain on TMall platform of Alibaba and focus its efforts there. The Macy's e-commerce team in San Francisco will manage the ongoing China business with operational support from Fung Omni in Shanghai.

" The future danger is that many of these dynamics will not hold as Macy's moves through the fiscal year", Saunders wrote.

The department store operator now projects full-year adjusted earnings per share within the range of $3.75-$3.95, or a revision up from a range of $3.55-$3.75 per share, as expected previously.

Total sales rose 3.6 percent, to $5.54 billion, as the company is beginning to reap the rewards of its turnaround plan - which includes an enhanced loyalty program.

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