Macy’s reports upbeat earnings amid soaring inflation

• Revenue grew nearly 14% to $5.35 billion from $4.71 billion a year ago

Macy’s (NYSE: M) fiscal first-quarter profits and sales beat analysts’ expectations, as consumers flocked back to shop for new clothes, luggage, and luxury goods despite inflation soaring to a 40-decade high.

For the three-month period ended April 30, Macy’s reported a net income of $286 million, or 98 cents per share, compared with a net income of $103 million, or 32 cents a share, a year earlier.

Revenue grew nearly 14% to $5.35 billion from $4.71 billion in the year-ago period, also topping analysts’ estimates of $5.33 billion. Excluding one-time items, the company earned $1.08 per share, beating analysts’ expectations for adjusted earnings per share of 82 cents.

Digital sales climbed 2%, representing 33% of net sales for the quarter. The retailer said it had 44.4 million active customers, up 14% from the prior year, aided by Macy’s loyalty program.

The retailer still expected it's 2022 revenue to be flat to up 1% compared with 2021 levels, which would be a range of $24.46 billion to $24.7 billion.

Source: Macy’s 

Read more: 

Nvidia forecasts revenue lower than Wall Street expectations

Dick’s cut outlook for the year citing uncertain economic conditions