Macy’s Inc., New York symbol M, operates 850 Macy’s and Bloomingdale’s department stores in 45 states. It also sells goods over the Internet.
We analyze Macy’s in Wall Street Stock Forecaster, our newsletter that gives you stock market news and advice on U.S. stocks.
In the three months ended July 30, 2011, Macy’s earnings rose 63.9%, to $241 million from $147 million a year earlier. Earnings per share rose 57.1%, to $0.55 from $0.35, on more shares outstanding. That was well ahead of the consensus estimate of $0.48 a share.
Sales rose 7.3%, to $5.9 billion from $5.5 billion. That beat the consensus sales estimate of $5.8 billion. Same-store sales rose 6.4%. The company continues to benefit from its plan to tailor its merchandise to local tastes. Its private-label products are also selling well. In addition, Macy’s has been improving its customer service. That helps build customer loyalty.
The company expects its full-year same-store sales to rise by 4.8% to 5.1%. That’s up from its prediction of 3% at the start of the year. As well, Macy’s now feels it will earn $2.60 to $2.65 a share in fiscal 2012, up from its initial range of $2.25 to $2.30 a share.
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