Macy's $M reported first-quarter comparable sales growth of 3%, its strongest first-quarter performance in four years, and raised its full-year net sales and earnings guidance on Wednesday.
Net sales rose 1.8% to $4.68 billion in the quarter ended May 2. Net income came in at $63 million, or 23 cents per diluted share, compared with $38 million, or 13 cents per diluted share, a year earlier. On an adjusted basis, diluted earnings per share were 13 cents. Analysts had expected first-quarter revenue of $4.61 billion and adjusted earnings per share of three cents, according to The Wall Street Journal.
The standout performer was Bloomingdale's, where comparable sales surged 10.2%, marking a record for the division's first-quarter results and its seventh straight quarter of growth. The Macy's namesake banner saw a 1.6% comparable sales increase, and Bluemercury added a 6.4% gain. Comparable sales at the company's 200 so-called Reimagine locations — stores that have received targeted investment — rose 2.4%, the company said.
Macy's raised its full-year net sales guidance to a range of $21.5 billion to $21.75 billion, up from a prior forecast of $21.4 billion to $21.65 billion. The company now expects comparable sales to grow between 0.5% and 1.2% for the year, compared with a previous range of down 0.5% to up 0.5%. Full-year adjusted diluted earnings per share guidance was lifted to $2.00 to $2.20, from $1.90 to $2.10.
