Macys Inc. (NYSE:M) Reports 1Q18 Profit Surge; Tops Estimate

Macy's Q1 Earnings Report What You Need To Know

The stock climbed as much as 9.4 percent to $32.74 as of 9:39 a.m.in NY, the biggest intraday advance since February 27.

The company also saw a boost from global tourism but said it would be ending its joint venture with Fung Retailing Limited in China.

CNBC has the details on Macy's strong report. The stock now has an average rating of "Hold" and a consensus target price of $26.63.

Shares of NYSE:M traded up $0.15 during trading on Friday, reaching $29.79. The stock showed a positive performance of 9.56% in the recent trading session at 11:13 a.m. EST.

For an introduction to cycle analysis, check out our video on Stock Market Cycles. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.47 and a quick ratio of 0.45.

According to CNN Money, the 17 analysts, offering 12-month forecasts regarding Macy's Inc's stock price, have a median target of $31.00, with a high estimate of $36.00 and a low estimate of $21.00.


The department store has kept its clearance racks in check and has less stale inventory on the floor.As a result, Macy's managed to cross the first quarter earnings and sales expectations of the analysts. The firm had revenue of $5.54 billion for the quarter, compared to analyst estimates of $5.39 billion. The revenue of the company rose to $5.5 billion while the expected revenue was $5.4 billion. Macy's had a net margin of 6.23% and a return on equity of 24.93%.

Neil Saunders, managing director of GlobalData Retail, pointed out in comments emailed to Retail Dive that Macy's in Q1 moved up its popular Friends and Family promotion (which previously came in the second quarter), and was also posting comps that compared favorably to an abysmal sales period in Q1 2017.

While it may be too soon to call a definitive turnaround, particularly in the midst of what CEO Jeff Gennette on Wednesday's earnings call described as "the most competitive retail environment I've ever seen", signs are hopeful for the company, which raised its projections for adjusted earnings per diluted share from $3.75 to $3.95 for the year, again surpassing analyst forecasts.

Including Wednesday's gains, Macy's shares are up about 25 percent so far this year. "We're getting better sell-throughs and more value for it". The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Karen M. Hoguet sold 67,515 shares of the stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $29.25, for a total transaction of $265,941.00. Insiders own 2.36% of the company's stock. The disclosure for this sale can be found here. The company said some of its best-selling categories were fine jewelry and dresses. Harvest Fund Management Co.

"To be fair, this still represents progress from the 1.4 per cent increase Macy's posted last quarter". The fund owned 619,642 shares of the company's stock after selling 72,088 shares during the quarter. Same-store sales on an owned plus licensed basis could rise as much as 2 percent. The institutional investor bought 368,890 shares of the company's stock, valued at approximately $10,971,000. Finally, Enterprise Financial Services Corp grew its holdings in shares of Macy's by 102.4% in the fourth quarter. Doyle Wealth Management now owns 27,770 shares of the company's stock valued at $826,000 after buying an additional 2,265 shares during the period. It also operates as a spa and beauty products retailer.

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