First-quarter same-store sales rose 4.2 percent, easily beating Wall Street's 1.4 percent average estimate, as sales rose at its Bloomingdale's, Bluemercury and its own Macy's stores. Ltd's holdings in Macy's were worth $120,000 at the end of the most recent quarter. "There's a lot of non-cannibalizing product that can go into the mix there", chairman and CEO Jeff Gennette told analysts during this morning's first-quarter call. However, the company beat that expectation by a wide margin, producing earnings in the amount of $0.48 per share. California Public Employees Retirement System now owns 1,209,734 shares of the company's stock valued at $30,473,000 after acquiring an additional 311,230 shares during the last quarter. Much of the boost in comparable sales was attributable to a change in timing of a big Friends and Family sale, which took place in the first quarter this year after having landed in the second quarter last year. American International Group Inc. now owns 23,923,612 shares of the company's stock valued at $602,636,000 after acquiring an additional 11,894,858 shares during the last quarter.
Net sales rose 3.6% to $5.54 billion in the quarter. Excluding asset sales gains, earnings were 42 cents per share.
CNBC has the details on Macy's strong report. The company has a quick ratio of 0.45, a current ratio of 1.47 and a debt-to-equity ratio of 1.04. Macy's Inc. has a twelve month low of $31.77 and a twelve month high of $33.75. The firm has a market capitalization of $9.03 billion, a PE ratio of 7.94, a PEG ratio of 0.96 and a beta of 0.73.
Macy's (NYSE:M) last released its earnings results on Tuesday, February 27th.More news: Rouhani says Iran may remain part of nuclear accord
Net income attributable to Macy's shareholders almost doubled to $139 million, or 45 cents per share, in the first quarter ended May 5.
Estimates: A 50% rise in EPS to 36 cents on 1.7% sales growth to $5.43 billion, according to Zacks Investment Research. The business's quarterly revenue was up 1.8% compared to the same quarter a year ago. The company says it is now expecting earnings per share of $3.75 to $3.95 for the year.
Other equities research analysts have also recently issued research reports about the stock.
Morgan Stanley analyst Kimberly Greenberger downgraded Macy's to "underperform" last week, basically a "sell" rating. Finally, Deutsche Bank raised their target price on Macy's from $27.00 to $28.00 and gave the stock a "hold" rating in a research report on Monday, February 26th. Macy's presently has a consensus rating of "Hold" and an average target price of $26.49. Its shares surged almost 9 percent Wednesday, and the stocks of other department store chains rose as well.More news: BT overhauls consumer business with bid to combine mobile and broadband
In other Macy's news, Director Marna C. Whittington sold 20,000 shares of the stock in a transaction on Friday, March 2nd. The stock was purchased at an average cost of $29.10 per share, for a total transaction of $291,000.00. Following the transaction, the director now directly owns 16,184 shares of the company's stock, valued at approximately $473,382. The disclosure for this sale can be found here.
Institutional investors have recently added to or reduced their stakes in the stock.
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications.More news: Marcus Smart irked by Cavs 'bully' JR Smith's flagrant foul