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Macy’s (M) 2Q18 Results: Beats on Revenues, EPS and Comps, Raises Guidance

Executive Summary

  • Macy’s reported 2Q18 adjusted EPS of $0.70, beating the $0.51 consensus estimate. Revenues were $5.57 billion, down 1.1% year over year but beating the consensus estimate of $5.55 billion.
  • Comps increased 0.5%, comprising flat comps from owned stores plus comps of 0.5% from licensed departments, beating the consensus of a decline of 0.9%.
  • Macy’s raised its full-year guidance for EPS to a range of $3.95–$4.15 (from $3.75–$3.95 previously) and for revenues to flat to 0.7% (from down 1% to up 0.5% previously.)

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