Macy's April revenue metric misses Street's view
Macy's key revenue figure rises in April but falls short of Wall Street's expectations
CINCINNATI (AP) -- Macy's Inc. said Thursday that revenue at stores open at least a year increased 1.2 percent in April, but fell short of Wall Street's expectations.
Analysts polled by Thomson Reuters predicted a 1.9 percent rise.
That is a key indicator of a retailer's health because it excludes the volatility from stores recently opened or closed.
The company's stock fell 86 cents, or 2.1 percent, to $40.41 in premarket trading.
Macy's, which runs Bloomingdale's in addition to its namesake stores, said that it expected its monthly performance to be softer than March given the earlier Easter and a shift in a cosmetics event to March from April. The company also said that April was hurt by Mother's Day being later in May than it was a year ago.
Online sales, which include macys.com and bloomindales.com, climbed 29.9 percent in April. Macy's revenue at stores open at least a year includes its online sales.
Total revenue for the four weeks ended April 28 climbed 0.4 percent to $1.93 billion.
First-quarter revenue at stores open at least a year rose 4.4 percent, while total revenue increased 4.4 percent to $6.15 billion.
Online sales climbed 33.7 percent in the quarter.
Analysts polled by Fact Set expected first-quarter revenue of $6.12 billion.
Macy's will report its first-quarter results on May 9.
The company, which has corporate offices in New York and Cincinnati, has about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico. It also has seven Bloomingdale's outlet stores.
