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(Sharecast News) - Macy's reported higher first-quarter sales and profits on Wednesday, with results coming in ahead of the department store chain's own expectations, prompting management to raise its guidance for the full year.
The company, which owns Macy's and Bloomingdale's retail brands and the Bluemercury beauty and spa chain, said net sales over the three months to 2 May totalled $4.68bn, up 1.8% over last year.
Comparable sales were up 3.0% across the business, with growth staying positive across each of the nameplate businesses.
Adjusted net income improved to $35m from $31m, while adjusted earnings per share of $0.13 came in well ahead of the $0.03 expected by the market.
Chief executive Tony Spring said the company was "off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum".
"Customers are responding - driving comparable sales growth at Macy's and another standout quarter at Bloomingdale's, underscoring its leadership in modern luxury."
Looking ahead, Macy's said it now expects to generate net sales of $21.5bn-21.75bn for the full year, ahead of previous guidance of $21.4bn-21.65bn, and comparable sales growth of 0.5-1.2%, up from a range of -0.5% to 0.5% previously.
Despite the upgrade, the stock was down 1.5% at $21.34 by 1508 BST.
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