Macys Inc. (NYSE:M) reported first quarter earnings before the bell today, that beat street view.
On a GAAP basis, the company reported net income of $ 139.00 million or 45 cents per share, compared with income of $ 78.00 million or 26 cents per share, a year ago period.
Excluding special items, the company announced Non-GAAP net income of $ 149.00 million or 48 cents per share.
Headquartered in Cincinnati, Ohio, M recorded net sales that rose 4% to $ 5.54 billion from $ 5.35 billion in the same quarter last year.
Analysts polled by Thomson Reuters expected Macys to reveal income of $ 0.35 per share on revenue of $ 5.39 billion for the first quarter.
Macy’s, Inc.’s results for the first quarter of 2018 reflect continuing momentum in the business. We exceeded our expectations and saw strong performance across all three brands—Macy’s, Bloomingdale’s, and Bluemercury—as well as across all geographic regions and families of business. We are maintaining a healthy inventory position, which helped us deliver improved gross margin,” said Jeff Gennette, Macy’s, Inc. chairman and CEO.
Looking ahead, Macys anticipates full year 2018 diluted earnings of $3.75 to $3.95 per share.