Macy's, Inc.'s results for the first quarter of 2018 reflect continuing momentum in the business.
During the first quarter of the year, Macy's Inc reported operating income of $238 million.
Macy's Inc shares rose $2.57 (+8.59%) in premarket trading Wednesday. The rosy performance bodes well for J.C. Penney and Nordstrom, both set to report their quarterly results on Thursday.
Executives told investors the changes were paying off as planed, drawing more shoppers online and in stores and boosting sales overall.
Macy's said that sales were healthy at physical stores for all its main brands as well, which include Bloomingdale's and makeup and beauty chain Bluemercury in addition to Macy's. It's also testing more curated merchandise displays and localized marketing. She thinks Macy's needs to close more stores than it already has and may have made the most it can from real estate sales.
He believes the company has still not figured out a digital strategy to counter the shift to ecommerce, and said that part of the jump in sales came from Macy's moving its Friends & Family loyalty program from the second quarter to the first. "We are maintaining a healthy inventory position, which helped us deliver improved gross margin", he said. Tax cuts have also left most USA households with more money to spend, though higher gasoline prices have been cutting into that.
"Tax cuts, bonuses and good tax refunds have all been a windfall to consumers who have responded by increasing spending", said Neil Saunders, managing director of GlobalData Retail.
With BOPIS (buy online/pickup in store) expanding, Macy's is also adding At Your Service counters for easy order pick up.
Senate likely to vote Wednesday to restore net neutrality House of Representatives will even vote on the issue or President Trump would impart his required signature on the matter. For almost all of the past 10 years, the FCC has had in place rules that sought to guarantee net-neutrality protections.
Net income totaled $139 million for the quarter, or 2.5 percent of sales, compared to $78 million, or 1.5 percent of sales, for the same quarter previous year.
In related news, CFO Karen M. Hoguet sold 67,515 shares of Macy's stock in a transaction on Thursday, March 1st. There were no impairment and other costs in the first quarter of 2017.
Excluding special items, the company announced Non-GAAP net income of $ 149.00 million or 48 cents per share.
Still, Macy's stock is now up almost 30% this year, a clear sign that many on Wall Street also believe that Macy's is back on track. During the quarter, the company generated same store sales growth in the amount of 4.2%.
The company is raising its profit guidance for fiscal 2018. Revenue is now expected to be down 1 percent to up 0.5 percent. Revenue is seen down 1% to up 0.5%, up from a prior view of down 0.5%-2%. It will remain active on Alibaba's e-commerce platform TMall and social media channels.
Also, EVP Felicia Williams sold 10,000 shares of Macy's stock in a transaction that occurred on Friday, March 2nd.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
Such measures included sanctions targeting Iran's petroleum, petrochemical and automotive sectors and Iran's central bank . The sanctions will be taking place at a time when OPEC-led production cuts have already tightened the supply situation.
Netflix had reportedly projected that its spending on content will be $7 billion to $8 billion this year. Meanwhile, films account for about a third of viewing across Netflix's entire global footprint.
On the Tibet side a team was forced to retreat from just below the summit when at least 11 of their bottled oxygen systems failed. Summits are underway every day since May 13 after the eight rope-fixing team members opened the climbing route for all climbers.
Iran's Supreme Leader Ali Khamenei has already said that Israel won't exist in 25 years if it continues to destabilize the region. French Foreign Minister Jean-Yves Le Drian has said that his country intends to stay in the Iran nuclear deal.
When they are separated at the gates of freedom, he vows he will do all he can to accomplish his goal and come back to rescue her. The bar was set high for Ehrenreich, who steps into Harrison Ford's shoes to play the young Han Solo , but his efforts paid off.
Storms tonight will add to the flood threat and all together, some may see another 1-2 inches of rain in the next 24 hours. Minor flooding is occurring on the Similkameen River near Nighthawk, and major flooding is forecast for later in the week.
A Florida was killed when his vape pen exploded, sending projectiles into his head and causing a small fire in his house. The Florida man was found to be covered by burns as the exploding vape pen turned into a lethal projectile.
Most likely now that she has the votes to be confirmed, or in the off chance to cast the deciding vote against her, U.S. No charges were filed, but Harris wants the Justice Department to declassify an investigative report into the matter.
The rightful owner of the guitar has been a major point of contention throughout the two years of divorce proceedings. The guitar is estimated to be worth millions of dollars and is said to be only one of 300 made at the time.
Morales said Israel and Guatemala have a "deep friendship", hoping that other countries will follow the same move. The European Union opposed the U.S. move of its embassy from Tel Aviv to Jerusalem .
Shenmue 3 Delayed To 2019 To Deliver The Game At Its Best
The game is now being developed by Ys Net, an independent development studio founded by franchise creator Yu Suzuki. Creator Yu Suzuki also apologized for the delay, promising "to use this time to improve the quality of Shenmue 3 .
Battlefield V will be revealed next week
The live reveal stream has already been embedded in the site and is counting down the days till EA reveals the next project. PDT, viewers can tune in through the official Battlefield YouTube channel , Twitch , Mixer .com and the official website .
Neuer makes German squad, but not 2014 hero Gotze
Low's backroom team of Thomas Schneider, Andreas Kopke, Oliver Bierhoff and Marcus Sorg have also all extended their contracts. Borussia Dortmund's Mario Gotze , who scored the goal to win Germany the World Cup in 2014, has been omitted by Low.
5 people dead as severe storms lash Northeast
Rainfall totals likely will be the highest in the mid-Atlantic, where more than 4 inches is possible in certain spots. The city and town of Newburgh are two different entities a few miles away from each other.
JR Smith: 'I Don't Want the Opposing Fans to Like Me'
Not only is he arguably the world's most avid celebrity golfer , he might love the game we love more than anyone on this planet. After the All-Star center was sent careening to the floor, Smart quickly got in the face of Smith in defense of his teammate.