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Home / Business / Macy's stock jumps 10% after gaining consensus

Macy's stock jumps 10% after gaining consensus



Macy's Inc.

M, + 1.01%

stocks rose 10% in pre-trading on Wednesday after the retailer reported a first-quarter result that had left the consensus behind. Net income was $ 139 million, or 45 cents per share, compared to $ 78 million, or 26 cents per share, in the same period last year. Earnings per share were 48 cents without impairment and other charges, and 42 cents per share excluding gains on the sale of assets. Sales were $ 5.54 billion, compared to $ 5.35 billion last year. The FactSet consensus was EPS of 36 cents and $ 5.43 billion in revenue. The company reported double-digit growth in the digital business. Own-store same-store sales grew 3.9% and increased 4.2% on a license-owned basis. The FactSet consensus was an increase in sales of 0.7%. Macy's said it has terminated its joint venture with Fung Retailing Limited in China, but continues to work for Alibaba Group Holding Ltd. will be active

BABA, -1

.02%

Tmall platform and social media channels. Macy's e-commerce team in San Francisco will lead the China business with the help of Fung Omni in Shanghai. Macy & # 39; s now expects EPS for fiscal year 2018 from $ 3.75 to $ 3.95, excluding the expected settlement of pension benefits and other expenses. That's 20 cents more than previous forecasts and before the $ 3.62 FactSet consensus. Revenues are expected to range from a 1% decline to an increase of 0.5% from $ 24.8 billion last year. And sales at the same store are expected to increase by 1% to 2%. The FactSet Guide, which anticipates revenue of $ 24.8 billion, expects revenues in the same business to increase 0.4 percent. Macy's have risen 18.8% year-to-date and 31.2% over the last 12 months. The S & P 500 Index

SPX, -0.68%

rose 13% last year.


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