Macy’s Inc. (NYSE: M) is scheduled to release its most recent quarterly results before the markets open on Wednesday. The consensus estimates from Thomson Reuters call for $0.35 in earnings per share (EPS) on $5.39 billion in revenue. The same period of last year reportedly had EPS of $0.24 and $5.34 billion in revenue.
At the beginning of this quarter, Macy’s announced that it will start providing a mobile checkout service at its stores. The company will roll out a mobile checkout option, powered by its mobile app, to all full-line Macy’s stores by the end of 2018.
Looking ahead to this quarter, CEO Jeff Gennette, commented in the most recent quarterly report:
We are committed to returning Macy’s, Inc. to comparable sales growth in 2018 and will build on the momentum we created in the fourth quarter of 2017. Macy’s, Inc. had a solid fourth quarter, including strong performance in January, and the full year exceeded our expectations for annual comparable sales and adjusted earnings per diluted share. We are encouraged to see a trend improvement in our brick & mortar business, and we had the 34th consecutive quarter of double-digit growth in our digital business. … On the path to growth in 2018, we will continue to improve our execution, strengthen our product offerings and make the necessary investments to be competitive with today’s demanding consumer.
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Excluding Tuesday’s move, Macy’s had outperformed the broad markets, with its stock up 25% in the past 52 weeks. In just 2018 alone, the stock was only up about 18%.
A few analysts weighed in on Macy’s ahead of the release:
- Morgan Stanley has an Underweight rating with a $25 price target.
- OTR Global has a Positive rating.
- Credit Suisse has a Neutral rating with a $31 price target.
- BMO Capital Markets has an Outperform rating with a $42 target.
- Gordon Haskett has a Buy rating and a $36 target price.
Shares of Macy’s were last seen up about 1% at $29.98, with a consensus analyst price target of $29.71 and a 52-week trading range of $17.41 to $32.45.
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