Overview
- Macy’s reported Wednesday that first-quarter comparable sales rose 3%, net sales were about $4.68–4.7 billion and net income was $63 million for the quarter ended May 2.
- Bloomingdale’s drove the quarter with a 10.2% comparable-sales gain while Macy’s namesake stores rose 1.6% and Bluemercury grew 6.4%.
- The company raised full-year guidance to $21.5 billion–$21.75 billion in net sales and $2.00–$2.20 in adjusted diluted EPS after saying early Q2 trends remain positive.
- Macy’s cited its ‘Bold New Chapter’ playbook of closing weak locations, reinvesting in about 200 reimagined stores and shifting toward full-price luxury as the cause of the improvement.
- The retailer ended the quarter with $1.3 billion in cash, roughly $2.4 billion of debt, $2.0 billion of available borrowing capacity, and returned $100 million to shareholders via a $50 million dividend and $50 million buybacks.