U.S. Markets close in 5 hrs 37 mins

Macy's Smashes Q1 Earnings, Same Store Sales Estimates; Confirms 2019 Guidance

Martin Baccardax

posted stronger-than-expected first quarter earnings Wednesday, and reaffirmed its full-year guidance, as the struggling retailer notched a surprise uptick in same-store sales growth and saw solid gains from its push to online revenues. Macy's said earnings for the three months ending in March came in at 44 cents per share, down 8.3% from the same period last year but 11 cents ahead of the Street consensus forecast. Group revenues, Macy's said, slipped to $5.504 billion and were just shy of analysts' estimates, but same-store sales rose 0.7% thanks in part to the group's Growth50 turnaround strategy.