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Macy's Boosts FY22 Adj. EPS Outlook As Q1 Results Top Estimates

Omni-channel fashion retailer Macy's, Inc. (M) reported Thursday a first-quarter net income of $286 million or $0.98 per share, sharply higher than $103 million or $0.32 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $315 million or $1.08 per share, compared to $126 million or 0.39 per share in the year-ago quarter.

Net sales for the quarter surged to $5.35 billion from $4.71 billion in the same quarter last year. Comparable sales were up 12.8 percent on an owned basis and up 12.4 percent on an owned-plus-licensed basis. Digital sales increased 2 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share on net sales of $5.33 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company now projects adjusted earnings in a range of $4.53 to $4.95 per share on net sales between $24.46 billion and $24.70 billion.

Previously, the company expected adjusted earnings in a range of $4.13 to $4.52 per share on net sales between $24.46 billion and $24.70 billion.

The Street is looking for earnings of $4.34 per share on net sales of $24.51 billion for the year.

Additionally, the company's board of directors declared a regular quarterly dividend of 15.75 cents per share on Macy's, Inc. common stock at its last meeting, payable July 1, 2022, to shareholders of record at the close of business on June 15, 2022.

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