Business

Macy's Smashes Q1 Earnings, Same Store Sales Estimates; Confirms 2019 Guidance


Macy's Inc. ( M - Get Report ) posted stronger-than-expected first quarter earnings Wednesday, and reaffirmed its full-year guidance, as the struggling retailer notched a surprise uptick in same-store sales growth.


"Macy's is off to a solid start this year, delivering our sixth consecutive quarter of comparable sales growth and making progress against the North Star Strategy.


"Our brick & mortar sales trend improved sequentially in the first quarter, supported by the Growth50 stores and Backstage.


"We are pleased with the progress we are making on our strategic initiatives as they continue to drive top-line growth, keeping us on track to reach our 2019 goals," Gennette added.


"We believe these initiatives, coupled with productivity improvements, position our company well for long-term profit growth."


Macy's shares were marked 6.24% higher in pre-market trading immediately following the earnings release, after falling for eight consecutive sessions, to indicate an opening bell price of $23.10






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