Macy's Q1 revenue increases, maintains outlook

business

Macy's Q1 revenue increases, maintains outlook

business newsMay 15, 2019by Prachi Singh

Macy’s, Inc. has reported revenues of 5.5 billion dollars for the first quarter, up 0.6 percent on owned and 0.7 percent on owned plus licensed basis. Net income attributable to Macy’s, Inc. shareholders reached 136 million dollars compared to 139 million dollars last year, while EBITDA reached 446 million dollars compared to 492 million dollars last year. Diluted earnings per share were 44 cents against 45 cents last year.

“Macy’s is off to a solid start this year, delivering our sixth consecutive quarter of comparable sales growth and making progress against the North Star Strategy. As an omnichannel retailer, we are focused on growing our customer base by providing a great experience across all channels and taking market share category by category,” said Jeff Gennette, Macy’s, Inc. Chairman & CEO in a statement.

On an adjusted basis, net income attributable to Macy’s, Inc. shareholders was 137 million dollars against 149 million dollars in the previous year, EBITDA reached 447 million dollars compared to 505 million dollars. Diluted earnings per share were 44 cents compared to 48 cents last year’s first quarter.

The company reiterated its outlook for 2019 and said it continues to expect comparable sales on owned as well as owned plus licensed basis to remain flat to increase by 1 percent, while net sales are also expected to remain flat. Diluted EPS excluding settlement charges, impairment and other costs are expected to range from 3.05 dollars to 3.25 dollars.

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