Macy’s reports Q1 adjusted EPS 27c, consensus 15c

Reports Q1 revenue $4.8B, consensus $4.86B. Reports Q1 comparable sales down 1.2% on an owned basis and down 0.3% on an owned-plus-licensed basis. “We are encouraged by our customers’ response to our Bold New Chapter strategy resulting in sales near the high end of our outlook. Our teams executed with discipline and efficiency, which contributed to first quarter earnings that exceeded our expectations,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “At the Macy’s nameplate, go-forward business performance was led by our First 50 locations, which achieved comparable sales growth year over year and are a leading indicator for our go-forward fleet. Although early days, our investments in product, presentation and experience are gaining traction and reinforce our belief that longer-term, Macy’s, Inc. can return to sustainable, profitable growth.”