Macy’s Inc. (NYSE:M) shares rose in premarket trading Wednesday after the department store operator reported first-quarter results that topped Wall Street estimates and raised its full-year outlook.
Earnings Beat Expectations
Macy’s reported adjusted earnings of 13 cents per share, ahead of analysts’ estimates of 3 cents. Revenue increased 1.8% year over year to $4.68 billion, surpassing the consensus estimate of $4.61 billion.
Macy’s delivered broad-based comparable sales growth across its key retail banners in the quarter. On a go-forward business basis, comparable sales increased 3.1%, led by strong performance at Bloomingdale’s, where comparable sales surged 10.2%.
Bluemercury also posted solid growth with a 6.4% increase in comparable sales, while Macy’s flagship banner recorded a 1.6% gain. The company’s Reimagine 200 locations, a key part of its turnaround strategy, saw comparable sales rise 2.4%. This reflects continued momentum across its store portfolio.
