Categories: Headlines

Macy’s Beats Earnings Estimates

Macy’s first-quarter earnings and same-store sales that “crushed” analysts’ expectations, according to a report by CNBC. Initiatives like refreshing outdated stores and encouraging customers to use it mobile app are paying off for the struggling department store.

Earnings per share were 44 cents vs the expected 33 cents, and same-store sales rose .7 percent though a .2 percent decline was forecast, on an owned plus licensed basis. Revenue was down slightly, coming in at $5.504 billion versus the $5.505 billion analysts expected.

Transaction growth of 5.7% during the quarter was the result of Macy’s most loyal customers “shopping more frequently than ever,” said CEO Jeff Gennette. He also said e-commerce sales grew at a double-digit rate.

VMSD Staff

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