- Macy’s Inc (NYSE:M) reported first-quarter FY22 sales growth of 13.6% year-on-year to $5.35 billion, beating the consensus of $5.33 billion.
- Comparable sales increased 12.8% on an owned basis and up 12.4% on an owned plus licensed basis versus Q1 2021.
- Digital sales climbed 2% versus Q1 FY21 and 34% versus Q1 FY19.
- The operating margin was 8.7% versus 4.6% last year. Operating income for the quarter jumped 115.3% to $463 million.
- The gross margin was 39.6%, up 100 basis points from last year.
- Adjusted EBITDA was $684 million versus $473 million last year.
- Adjusted EPS of $1.08 beat the analyst consensus of $0.82.
- Macy's held $672 million in cash and equivalents as of April 30, 2022. Net cash provided by operating activities for the quarter totaled $248 million.
- Outlook: Macy's raised its FY22 EPS outlook to $4.53 - $4.95 from $4.13 - $4.52 versus the consensus of $4.34.
- It expects FY22 sales of $24.46 billion - $24.7 billion (consensus $24.51 billion), unchanged from the prior outlook, and represent flat to up 1.0% growth Y/Y.
- Price Action: M shares are trading higher by 14.5% at $22.00 in premarket on the last check Thursday.
- Photo Via Wikimedia Commons
