Macy's: shares turn negative after first-quarter results
(CercleFinance.com) - Department store operator Macy's announced on Wednesday comparable sales growth of 0.
6% in the first quarter and reaffirmed its guidance for 2019.
Macy's said it is "off to a solid start this year," delivering a sixth consecutive quarter of comparable sales growth, with net sales stabilising at 5.5 billion dollars in the first quarter.
Adjusted net profit decreased slipped slightly, to 137 million dollars, from 149 million dollars in the first quarter of 2018.
Most importantly, the retailer seemed to be pleased with the progress it is making regarding its strategic initiatives.
"We had another quarter of double-digit growth in our digital business, and mobile continues to be our fastest-growing channel," said chairman and CEO Jeff Gennette.
Macy's reaffirmed its previously provided annual guidance for 2019, expecting comparable sales growth of up to 1% this year.
After rising as much as 2% this morning, Macy's shares have fallen back down 0.7% to 21.7 dollars after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
6% in the first quarter and reaffirmed its guidance for 2019.
Macy's said it is "off to a solid start this year," delivering a sixth consecutive quarter of comparable sales growth, with net sales stabilising at 5.5 billion dollars in the first quarter.
Adjusted net profit decreased slipped slightly, to 137 million dollars, from 149 million dollars in the first quarter of 2018.
Most importantly, the retailer seemed to be pleased with the progress it is making regarding its strategic initiatives.
"We had another quarter of double-digit growth in our digital business, and mobile continues to be our fastest-growing channel," said chairman and CEO Jeff Gennette.
Macy's reaffirmed its previously provided annual guidance for 2019, expecting comparable sales growth of up to 1% this year.
After rising as much as 2% this morning, Macy's shares have fallen back down 0.7% to 21.7 dollars after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.