Macy's (M) Beats On Q1 Earnings, Strategic Efforts On Track
Zacks Investment Research | May 14, 2019 10:23PM ET
Macy’s, Inc. (NYSE:M) delivered eighth straight quarter of positive earnings surprise, when it reported first-quarter fiscal 2019 results. The company continued to register positive comparable sales and witnessed double-digit growth in the digital business. Management hinted that its Growth50 stores initiative and Backstage is aiding its brick-and-mortar performance and the company is progressing well with its North Star Strategy. Also, management reaffirmed fiscal 2019 view.
We note that shares of this Cincinnati, OH-based company are up roughly 2% during the pre-market trading hours. The company had earlier informed that it has undertaken restructuring actions that is likely to result in annual cost savings of $100 million. We note that this Zacks Rank #4 (Sell) stock has slid 12.4% in the past three months compared with the Zacks Investment Research
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