The stock climbed as much as 9.4 percent to $32.74 as of 9:39 a.m.in NY, the biggest intraday advance since February 27.
Like many department store chains, Macy's has to contend with threats from an ever-growing Amazon as well as more competition from discount chains like Walmart and Target, both of which have aggressively invested in online commerce. Oppenheimer Asset Management Inc. increased its stake in shares of Macy's by 80.7% during the first quarter. It's also testing more curated merchandise displays and localized marketing. Its founder, Rachel Shechtman, will join Macy's to focus on customers' in-store experiences.
The company said all three of its divisions - Macy's, Bloomingdale's and Bluemercury - exceeded expectations during the first quarter of fiscal 2018. He said results are improving at its stores, coupled with robust online and mobile growth.
Gennette cited "significant improvements" in worldwide tourism adding to robust consumer spending in the quarter. "While we have more work to do, the continuing improvement in our stores is encouraging and we once again achieved double-digit growth in the digital business". Comparable sales on an owned basis were up 3.9 percent in the first quarter and up 4.2 percent on an owned plus licensed basis. The spending gains were spread across most retail categories, especially big increases at furniture and clothing stores. In fact, it's been a great year to be a department-store investors, as Kohl's (KSS) and Dillard's (DDS) have gained 16.8% and 18.3%, respectively, and even Nordstrom (JWN) has gained 6%, despite numerous setbacks in its hopes to go private. Further, it has been operating in a friendly economy environment, marked by strong consumer sentiment and spending, he said. The company has come to a mutual agreement to end the joint venture with Fung Retailing Limited. Part of the jump can be attributed to the fact that Macy's shifted a friends and family promotional event to the first quarter from the second quarter this year.
Net income attributable to Macy's shareholders rose to $139 million, or 45 cents per share, in the first quarter ended May 5, from $78 million, or 26 cents per share, a year earlier.
Excluding impairment and other one-time costs, Macy's earned $0.48 per share, $0.11 higher compared with what analysts had anticipated. For the next financial year, analysts expect that the firm will post sales of $24.59 billion per share, with estimates ranging from $24.34 billion to $24.86 billion.
Other equities research analysts have also recently issued research reports about the stock.
Macy's revenue rose 3.6% to $5.54 billion. The sales of the store got an increase of 4.2 percent compared to the expected 1.4 percent.
For the full year, Macy's expects earnings per share of between $3.75 and $3.95, $0.20 higher than its previous forecast. The firm has a market capitalization of $9,521.95, a P/E ratio of 8.29, a P/E/G ratio of 1.01 and a beta of 0.73. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.45 and a current ratio of 1.47.
However, Macy's said it would remain active on Alibaba's social media channels and Tmall platform.
Macy's Inc shares rose $2.57 (+8.59%) in premarket trading Wednesday.
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