Executive Summary

• Macy’s fiscal 1Q19 revenues were $5.50 billion, down 0.7% year over year and just below the consensus estimate of $5.53 billion. The company reported 1Q19 adjusted EPS of $0.44, down 8.3% from the year-ago period but beating the consensus estimate of $0.33.
• The company saw comparable sales growth of 0.6% on an owned basis, and 0.7% on an owned plus licensed basis.
• For FY19, management affirmed its guidance for comparable sales growth of flat to 1% for owned stores and owned and licensed stores. The company expects net sales to be approximately flat, and diluted earnings per share to be $3.05-3.25 compared to consensus of $3.10.