Macy’s (M) reports first quarter 2022 earnings beaten, increases forecasts

A person walks past a Macy’s store in Hyattsville, Maryland on February 22, 2022.

Stefanie Reynolds | AFP | Getty Images

by Macy Thursday reported first-quarter fiscal profits and sales above analysts’ expectations as shoppers returned to malls to purchase new clothing and luxury goods.

The department store chain, which also owns Bloomingdale’s, reaffirmed its sales outlook for fiscal year 2022 and upped its earnings guide, expecting higher credit card revenue for the rest of the year.

“As macroeconomic pressures on consumer spending increased during the quarter, our customers continued to shop,” CEO Jeff Gennette said in a press release.

Here’s how Macy’s did it in its first fiscal quarter than Wall Street expected, based on a Refinitiv analyst poll:

  • Earning per share: $ 1.08 adjusted against 82 cents expected
  • Income: $ 5.35 billion versus an expected $ 5.33 billion

Macy’s still expects 2022 revenue to be stable up to a 1% increase from 2021 levels, which would be between $ 24.46 billion and $ 24.7 billion.

It now expects to earn, on an adjusted basis, between $ 4.53 and $ 4.95 per share, from a previous range of $ 4.13 to $ 4.52.

For the three-month period ending April 30, Macy’s reported net income of $ 286 million, or 98 cents per share, compared with net income of $ 103 million, or 32 cents per share, a year earlier. .

Excluding one-time items, it earned $ 1.08 per share, surpassing analysts’ expectations for an adjusted earnings per share of 82 cents.

Revenues grew to $ 5.35 billion from $ 4.71 billion in the period a year ago, even surpassing analysts’ forecasts.

This story is developing. Please check back for updates.

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