Macy’s reports Q1 adjusted EPS 16c, consensus 15c

Reports Q1 revenue $4.6B, consensus $4.43B. Reports Q1 comparable sales were down 2.0% on an owned basis and down 1.2% on an owned-plus-licensed-plus-marketplace basis, surpassing the company’s prior guidance range, benefiting from better than expected performance across all nameplates. “We continued to execute against our Bold New Chapter strategy during the quarter, scaling key initiatives that improved our customer experience and contributed to stronger than expected performance across all three of our nameplates,” said Tony Spring, chairman and chief executive officer of Macy’s (M), Inc. “Our first quarter results give us confidence that we have the right strategy and team in place to navigate the current environment while we continue to invest in our customer on the path to returning Macy’s, Inc. to sustainable profitable growth.”