Q118 Snap - Good start to the year
Macy's reported adj Q118 EPS of $0.48 vs consensus $0.37. Ex asset sale gains (though consensus would have included some estimate of gains) and impairments, EPS would have still beat at $0.42. The comp was a strong 4.2% (1.7% adjusting for an event timing shift) vs consensus 0.9%. Gross margins came in ahead, inventories are very well controlled - a very good start to the year. FY guidance raised on comp and EPS.Macy's is an omnichannel retail organization operating stores, websites and mobile applications under three brands (Macy's, Bloomingdale's and bluemercury) that sell merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. The company's wholly-owned bank subsidiary, FDS Bank, provides certain collections, customer service and credit marketing services in respect of all credit card accounts that are owned either by Department Stores National Bank, a subsidiary of Citibank, N.A., or FDS Bank and that constitute a part of the credit programs of the company's retail operations.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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