People wear masks as they walk through Herald Square on January 8, 2021 in New York City.
Angela Weiss | AFP | Getty Images
Macy’s On Tuesday, reported its first quarterly profit in a year, its efforts to reduce inventory during the holiday quarter and rely less on large discounts paid off.
Here’s how the company did in the first quarter ended Jan. 30 compared to what analysts expected, based on a survey by Refinitiv:
- Earnings per share: 80 cents, adjusted, vs. 12 cents, expected
- Revenue: $ 6.78 billion vs. $ 6.5 billion, expected
Net income for the quarter ended Jan. 30 fell to $ 160 million, or 50 cents per share, from $ 340 million, or $ 1.09 per share, a year earlier.
Sales fell to $ 6.78 billion from $ 8.34 billion a year ago.
Macy’s said its same-store sales, on a plus-licensed basis, fell 17.1% from 2019 levels. Analysts were calling for a 21.3% drop, according to data from Refinitiv.
E-commerce sales rose 21%, and the company said it expects its annual online sales to eclipse $ 10 billion over the next three years.
CEO Jeff Gennette noted that the company saw the most strength in home, beauty, jewelry, and watches during the quarter.
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