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Summary
- The department store operator projects its net sales to grow to US$22.23 billion in fiscal 2021.
- Macy’s added 4.6 million new customers in Q1 ended May 1.
- The company’s stock is up 68 percent year to date, while it grew 243 percent in one year.
Macy’s, Inc. (NYSE:M) lifted its fiscal year sales and earnings outlook on May 18 after reporting strong first-quarter results. Though the stock remained flat on Tuesday, it is up 68 percent year to date.
The department store operator expects its net sales in the range of US$21.73 billion to US$22.23 billion in fiscal 2021, up from the prior outlook between US$19.75 billion and US$20.75 billion.
Meanwhile, the company projects its adjusted earnings per share between US$1.71 and US$2.12, compared to the previous forecast of 40-90 cents.
Strong First Quarter Results
The New York-based company’s net sales during the three months ended May 1 came in at US$4.71 billion, up from US$3.02 billion in the year-ago quarter.
Comparable sales soared 62.5 percent year over year on an owned basis and 63.9 percent on an owned and licensed basis. Digital sales jumped 34 percent YoY.
According to Macy’s CEO Jeff Gennette, the company outperformed sales expectations across all brands. Gennette attributed the growth in sales primarily to the government’s stimulus program and increase in vaccination. The CEO also noted that Macy’s sees emerging opportunities in toys, health and wellness, pet and home decor.
Source: Pixabay
Macy’s added 4.6 million new customers in the quarter, of which 47 percent came through the digital channel. Net income totaled US$103 million, compared with a loss of US$3.58 billion in the first quarter of the previous financial year.
Macy’s reported a diluted EPS of 32 cents during the quarter against a loss of US$11.53 per share. Adjusted EPS came in at 39 cents compared to an adjusted loss per share of 2.03.
Stock Performance
Macy’s has a market capitalization of US$5.9 billion. Its shares were down 0.3 percent on Tuesday to close at US$19.09. The stock gained 243 percent in value in the past 12 months. It has 52-week range of US$4.91 to US$22.30.
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