Q218 Snap - Better comp trend and outlook
Macy's reported adj Q218 EPS of $0.70 vs consensus $0.50 (AE $0.48). Excluding 11c of asset sale gains, EPS still beats expectations handily. Comps were +0.5% vs consensus -0.7% and the company raised its comp outlook for the year and for 2H. EPS guidance for the year is also raised. Q2 gross margin is the only miss versus expectations we see, but with inventory levels looking controlled and with the positive comp outlook, we see this as a good quarter.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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