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Macy's Posts Higher Q1 Profit; Backs 2012 EPS View - Quick Facts

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5/9/2012 8:08 AM ET

Macy's Inc. (M: Quote) reported an improvement in its first-quarter 2012 net income to $181 million or $0.43 per share from $131 million or $0.30 per share last year. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.40 for the quarter. Analysts' estimates typically exclude one-time items.

Three-month net sales were $6.14 billion, up 4.3 percent from $5.89 billion in the same period a year ago. Analysts estimated revenues of $6.13 billion for the quarter. On a same-store basis, Macy's, Inc.'s first-quarter sales grew 4.4 percent in 2012 over 2011.

For fiscal 2012, the company reiterated its earnings per share forecast, still expecting earnings per share of $3.25 - $3.30, whereas 19 analysts project earnings of $3.41 per share for the full year.

Also, Macy's continues to expect same-store sales to grow by nearly 3.5 percent for the remainder of the year. When added to the first quarter's reported results, fiscal 2012 same-store sales growth as a whole is now expected to be about 3.7 percent, slightly higher than prior view for a same-stores sales rise of some 3.5 percent in fiscal 2012.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
Starbucks Corp. said Thursday after the markets closed that its second quarter profit rose 9.4% from last year, helped by higher revenue. The company's quarterly earnings per share came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. The world's largest specialty coffee retailer also raised its full year earnings outlook. Software giant Microsoft Corp. said Thursday after the markets closed that its third quarter profit fell 6.6% from last year, when results were boosted by special upgrade offer revenues. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue. Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter.
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