Macy's beats by $0.08, beats on revs; reaffirms FY14 guidance
Reports Q3 (Oct) earnings of $0.47 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 3.3% year/year to $6.28 bln vs the $6.19 bln consensus. On a comparable sales basis, Macy's, Inc.'s third quarter sales were up 3.5% YoY vs. ~2% ests. Together with sales from departments licensed to third parties, third quarter 2013 sales on a comparable basis were up 4.6 percent.
Co reaffirms guidance for FY14, sees EPS of $3.80-3.90 vs. $3.80 Capital IQ Consensus Estimate; reaffirms FY14 comps +2.0-2.9%; comparable sales are expected to increase in the range of 2.5 percent to 4 percent in 2H14.
"improved sales performance resulted from continued success in the execution of our key strategies -- My Macy's localization, Omnichannel integration and Magic Selling customer engagement. In addition, business in the third quarter benefitted from intensified marketing strategies to emphasize the outstanding value in our merchandise deliveries. Both Macy's and Bloomingdale's performed well in the quarter, and we saw improvement in the sales trend in every region of the country compared with the spring season."