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Online sales give Macy's a big boost in Q1
CINCINNATI — Macy's Inc. reported a significant increase in sales for the first quarter, thanks to a strong performance in its online business. The company reported that total sales for the quarter increased 4.3% to $6.1 billion. Online sales for the quarter increased 33.7% and contributed 1.5 percentage points to the company's same-store sales increase of 4.4% for the period.
Macy's Inc. reported an earnings increase of 43% to 43 cents per diluted share, compared with 30 cents per diluted share in the same period last year.
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Macy’s Q1 earnings rise 38%, beat Street but outlook disappoints
Cincinnati -- Macy's Inc. reported a better-than-expected 38% increase in its first-quarter profit as the chain continues to benefit from its move to target its offerings to local markets. However, the retailer disappointed the Street by failing to up its guidance for the year.
Macy's said that its net income rose to $181 million for the three-month period ended April 28, up from $131 million a year ago.
Revenue increased 4.3% to $6.14 billion, from $5.89 billion a year ago. Same-store sales were up 4.4%.