Macy’s, Inc. (NYSE: M) announced its financial results for the first quarter of fiscal 2018. With both revenue and earnings topping estimates, shares of the company surged 7% to $32.16 per share in early trading Wednesday.
Revenue for the first quarter, according to the company, increased from $5.35 billion for the same period last year to $5.54 billion. Analysts has expected total revenue to be $5.43 billion for the first quarter.
Net income for the first quarter rose from $78 million, or 26 cents per share, for the first quarter last year, to $139 million, or 45 cents per share. Excluding impairment and other costs, earnings per share for the company was 48 cents per share, and excluding asset sale gains, earnings per share was 42 cents per share. The results beat analysts’ estimates of 36 cents per share.
“Macy’s, Inc.'s results for the first quarter of 2018 reflect continuing momentum in the business. We exceeded our expectations and saw strong performance across all three brands—Macy’s, Bloomingdale’s, and Bluemercury—as well as across all geographic regions and families of business. We are maintaining a healthy inventory position, which helped us deliver improved gross margin,” Jeff Gennette, the chairman and chief executive officer of Macy’s, said in the statement on Wednesday.
For the full year 2018, the company expected its adjusted earnings per share to be in the range of $3.75 to $3.95, which was higher than previous expectations and analysts’ estimates. In addition, revenue of the company was expected to range from a 1% decline to a 0.5% increase, while comparable sales were expected to increase 1% to 2%, according to the retailer.