Macy's (NYSE: M) 1Q earnings up 38 percent

Atlanta, GA 5/9/12 (StreetBeat) -- Macy's (NYSE: M) is reporting a 38 percent increase in its first-quarter profit as the department store chain continues to reap benefits from its move to tailor its fashions to local markets.

The results beat analysts' expectations but the company failed to boost its guidance for the year.

Macy's Inc. shares fell 4 percent in early premarket trading.

The retailer said Wednesday that its net income rose to $181 million, or 43 cents per share, for the three-month period ended April 28. That's up from $131 million, or 30 cents per share, a year ago.

Revenue rose 4.3 percent to $6.14 billion.

Analysts surveyed by FactSet had expected 40 cents per share on revenue of $6.14 billion.

Revenue at stores opened at least a year climbed up 4.4 percent for the quarter.

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Holiday spending pushes Macy's (NYSE: M) 4Q profit higher

Orlando, FL 2/21/12 (StreetBeat) -- Macy's Inc. (NYSE: M) said strong holiday and online sales helped push its fiscal fourth-quarter net income up 12 percent. The department store chain's results topped Wall Street's expectations and its stock climbed in trading before the market open.

Macy's, which runs Bloomingdale's and its namesake stores, is reaping the benefit of tailoring merchandise to local markets. It has been outperforming mid-price peers such as Kohl's Inc. and J.C. Penney Co (NYSE: JCP).

"Our year was punctuated with a terrific holiday selling season as our customers responded to our assortment of most-wanted merchandise for gifts and self-purchase, as well as compelling marketing campaigns," Chairman, President and CEO Terry Lundgren said in a statement.

Macy's stock added $1.19, or 3.3 percent, to $37.44 Tuesday morning.

Macy's earned $745 million, or $1.74 per share, for the period ended Jan 28. A year ago it earned $667 million, or $1.55 per share.

Excluding gains from the sale of store leases related to the 2006 sale of Lord & Taylor and expenses tied to some store closings, earnings were $1.70 per share.

Revenue rose 5.5 percent to $8.72 billion from $8.27 billion. Online sales, which include results from both the Macy's and Bloomingdale's web sites, jumped 40 percent.

Revenue at stores open at least a year, which includes online sales, climbed 5.2 percent. This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

The quarterly results topped the expectations of analysts polled by FactSet, who predicted earnings of $1.65 per share on revenue of $8.7 billion.

For the year, Macy's earned $1.26 billion, or $2.92 per share. That compares with earnings of $847 million, or $1.98 per share, in the previous year. Adjusted earnings were $2.88 per share.

Full-year revenue increased 5.6 percent to $26.41 billion from $25 billion. Online sales rose nearly 40 percent.

Revenue at stores open at least a year increased 5.3 percent.

The company, which has corporate offices in Cincinnati and New York, expects fiscal 2012 earnings of $3.25 to $3.30 per share. Wall Street predicts $3.27 per share.

Macy's also anticipates its online sales will surpass $2 billion in 2012 and that revenue at stores open at least a year will climb about 3.5 percent.

Macy's has about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico.

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Macy's Strong 3Q Earnings Results, Boosts Outlook

Palm Beach, FL 11/9/11 (StreetBeat) --Macy's Inc.'s (NYSE:M) net income surged in the third quarter as the department store chain benefited from tailoring its merchandise to local markets. The retailer also raised its full-year profit outlook Wednesday.

Macy's says it earned $139 million, or 32 cents per share, for the three months ended Oct. 29. That compares with 2 cents per share, or $10 million, in the same period last year. Revenue rose 4.1 percent to $5.85 billion.
Analysts had expected earnings of 16 cents per share on revenue of $5.87 billion, according to FactSet.

"You can feel the momentum and confidence that has been building at Macy's since our organizational changes in 2009, and especially over the past nine months," Terry J. Lundgren, chairman, president and CEO of Macy's, said in a statement. "We believe this will help us to continue to capture market share in the fourth quarter and lay the foundation for continued innovation in our business in 2012."

Macy's, which also operates Bloomingdale's, is the first in a series of major retailers reporting third-quarter results as they head into the critical holiday shopping season, which can account for as much as 40 percent of annual revenue. Macy's has a lot of momentum going into the season.

The chain has benefited from the strategy Lundgren conceived to localize merchandise as consumer spending began slowing down in 2007. Stocking more products that cater to specific regions, like more business suits in Washington, D.C., for instance, was lacking since the chain ditched its regional nameplates such as Marshall Field's and Hecht's.

A better-trained sales force also helped. In September 2010, the company trained about 130,000 sales associates and managers on engaging customers. A big component is more intense coaching of workers by store and district management teams.

Such strategies have helped it to outperform its peers. Macy's revenue at stores opened at least a year rose 4 percent for the third quarter, and it said Wednesday it continues to expect that measure to rise anywhere from 4 percent to 4.5 percent for the current quarter. Rival J.C. Penney Co. reported that the figure fell 1.6 percent for the third quarter. Kohl's Corp.'s saw a 2 percent increase.

Revenue at stores open at least a year is an important indicator of a retailer's health because it excludes stores that recently opened or closed.

Macy's on Wednesday raised its full-year outlook to a range of $2.70 per share to $2.75 per share. The company had said in August that it had expected to earn anywhere from $2.60 per share to $2.65 per share. Analysts had projected $2.66 per share for the year.

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