Macy’s ‘Bold New Chapter’ Gains Traction: Analysts Say Retailer Delivers In Q1 Results, While Some Risk Remains
Macy’s Inc (NYSE:M) shares climbed in early trading on Wednesday after the company reported better-than-expected earnings and raised its outlook.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
JPMorgan On Macy’s
Analyst Matthew Boss reaffirmed an Overweight rating while raising the price target from $25 to $27.
Macy’s reported adjusted earnings of 27 cents per share, “more/less doubling mgmt’s $0.10-$0.16 guide,” with adjusted EBITDA margins at 7.2%, beating consensus of 6.3%, Boss said in a note. Same-store sales declined by 0.3%, much better than the Street’s estimate of a 2.6% decline, he added.
“Importantly, management cited the Bold New Chapter strategy gaining traction with the First 50 Macy’s nameplate doors comping +3.4% in 1Q – outperforming total Macy’s nameplate SSS of -0.4% by +380bps (and outperforming the non-go-forward store locations by nearly 800bps,” the analyst wrote.
Management …
Full story available on Benzinga.com
