Macy’s 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.