Macy's topped earnings estimates, and said it saw early signs of progress in its turnaround strategy.
Macy's raised its full-year earnings expectations to reflect the first-quarter beat, along with the low end of its sales outlook. But the retailer said in a news release that it"assumes customers will continue to be discerning in their discretionary purchases."as it tries to grow sales again.
Here's what Macy's reported for the three-month period that ended May 4 compared with what Wall Street expected, based on a survey of analysts by LSEG:Revenue: $4.85 billion adjusted vs $4.86 billion expected It expects adjusted earnings per share of between $2.55 and $2.90, raising its previous outlook of between $2.45 and $2.85.
At Macy's, comparable sales declined 0.4% on an owned-plus-licensed basis, including the third-party marketplace.