Macy's (M) Tops Q2 EPS by 19c, Raises FY Guidance

Macy's (NYSE: M) reported Q2 EPS of $0.70, $0.19 better than the analyst estimate of $0.51. Revenue for the quarter came in at $5.57 billion versus the consensus estimate of $5.55 billion.

The company reported comparable sales on an owned basis that were flat in the second quarter of 2018 compared to the second quarter of 2017.

GUIDANCE:

Macy's sees FY2018 EPS of $3.95-$4.15, versus the consensus of $3.87.

• Total sales are expected to range from flat to a 0.7 percent increase in fiscal 2018. Comparable sales on an owned plus licensed basis are expected to increase between 2.0 and 2.5 percent for the second half of 2018, which translates to an annual increase of between 2.1 and 2.5 percent. Comparable sales on an owned basis are expected to be 20-30 basis points below comparable sales on an owned plus licensed basis in fiscal 2018, which is consistent with prior guidance.
• Total sales guidance is provided on a 52-week basis in 2018 compared to a 53-week basis in 2017. Comparable sales guidance is provided on a 52-week basis in both 2018 and 2017.
• The company's 2018 results, 2017 results and guidance for fiscal 2018 reflect the new accounting standards related to revenue recognition and retirement benefits. Macy's, Inc. has recast its quarterly income statements and balance sheets for 2016 and 2017 to reflect adoption of these new standards. These documents can be found on the investor relations page at www.macysinc.com.

For earnings history and earnings-related data on Macy's (M) click here.

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