Stock Monitor: Sears Hometown and Outlet Stores Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 20, 2018 / If you want access to our free earnings report on Macy's, Inc. (NYSE: M), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=M. The Company reported its first quarter fiscal 2018 operating and financial results on May 16, 2018. The department store surpassed sales and earnings expectations. Additionally, the Company raised its guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter of the fiscal year 2018, Macy's net sales totaled $5.54 billion, reflecting an increase of 3.6% compared to $5.35 billion in Q1 2017. The Company's revenue numbers beat analysts' estimates of $5.40 billion.
Macy's comparable sales on an owned basis were up 3.9% in the reported quarter and up 4.2% on an owned plus licensed basis. The Company estimated that comparable sales in the reported quarter benefited approximately 250 basis points from the shift of Friends and Family from the second quarter to the first.
For Q1 2018, Macy's operating income totaled $238 million, or 4.3% of sales, compared to $219 million, or 4.1% of sales, in Q1 2017. The Company's operating income totaled $257 million, or 4.6% of sales, in the reported quarter, excluding impairment and other costs of $19 million, which primarily relate to the wind-down of Macy's China Ltd. The Company anticipates recognizing additional charges of approximately $10 million related to the wind-down over the course of FY18.
Macy's net income attributable to common shareholders totaled $139 million, or $0.45 per diluted share, in Q1 2018 compared to $78 million, or $0.26 per diluted share, in Q1 2017.
Macy's net income, excluding impairment and other costs, totaled $0.48 per diluted share in Q1 2018 compared to $0.26 per diluted share in Q1 2017, excluding premiums on the early retirement of debt. The Company's earnings outpaced Wall Street's estimates of $0.37 per share.
Macy's net cash provided by operating activities was $322 million in Q1 2018 compared to $237 million in Q1 2017. The Company's net cash used by investing activities was $156 million in the reported quarter compared to $60 million in the year earlier same quarter.
Macy's announced that it has come to a mutual agreement to end the joint venture with Fung Retailing Ltd. Macy's will remain active on Alibaba's ecommerce platform TMall, as well as social media channels. The Macy's ecommerce team in San Francisco will manage the ongoing China business with operational support from Fung Omni in Shanghai.
For the full fiscal year 2018, Macy's is forecasting adjusted earnings per share to be in the range of $3.75 to $3.95, excluding anticipated settlement charges related to the Company's defined benefit plans, as well as impairment and other costs. This reflects an increase of $0.20 per share compared to the prior guidance.
Macy's total sales are expected to range from a 1% decline to a 0.5% increase for FY18. The Company's comparable sales on an owned plus licensed basis are expected to increase between 1% and 2%.
On May 23, 2018, Macy's announced that Paula A. Price will be appointed Chief Financial Officer (CFO), effective July 09, 2018.
Price will be responsible for leading the Company's finance, accounting, investor relations, and internal audit functions. She will report to Jeff Gennette, Macy's Chairman and Chief Executive Officer (CEO), and will be based in New York.
Price joins Macy's with 30 years of finance experience primarily in retail and consumer-facing businesses. In her most recent corporate role as Executive Vice President, CFO of Ahold USA, Price led a team of over 1,000 members across finance, accounting, strategy and planning, real estate, and information technology.
Stock Performance Snapshot
June 19, 2018 - At Tuesday's closing bell, Macy's' stock slightly rose 0.39%, ending the trading session at $38.88.
Volume traded for the day: 4.67 million shares.
Stock performance in the last month – up 14.49%; previous three-month period – up 34.39%; past twelve-month period – up 71.20%; and year-to-date – up 54.35%
After yesterday's close, Macy's' market cap was at $11.96 billion.
Price to Earnings (P/E) ratio was at 11.44.
The stock has a dividend yield of 3.88%.
The stock is part of the Services sector, categorized under the Department Stores industry.
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