Macy’s, Inc. (NYSE: M) today announced results for the first quarter of 2021, highlighting net sales of $4.7 billion in comparison to $3 billion for the 13 weeks ended May 2, 2021.
Macy’s recorded diluted earnings per share of $0.32 and adjusted diluted earnings per share of $0.39, both figures exceeding expectations for the period. This compares to $0.44 of both diluted earnings per share and adjusted diluted earnings per share in Q1 2019. Excluding asset sale gains, Adjusted diluted earnings per share for the period exceeded first quarter 2019 by $0.04.
Gross margin for the period increased by 38.6%, from the 17.1% in Q1 2020 and is up 40 basis points from Q1 2019.
On an owned basis, sales increased 62.5% and are up 63.9% on an owned plus licensed basis in comparison with 2020. Comparable sales were down 10.5% on an owned basis and down a further 10.0% on an owned plus licensed basis compared to 2019, with the company’s Bronze segment adding 1.7 million members.
Macy’s brought 4.6 million new customers into the Macy’s brand, up 23% compared to Q1 2019, with 47% of new customers coming through the company’s digital channel in Q1 of 2021.
The company also revised its full year guidance, increasing expected net sales to between $21.73 billion and $22.23 billion, up from $19.75 billion to $20.75 billion. The company also expects adjusted EBITDA margins as a percent of sales to be between 9% – 9.5%, up from 7% – 7.5%, while adjusted diluted earnings per share is now slated to be between $1.71 – $2.12, up from $0.40 – $0.90.
Macy’s, Inc. last traded at US$19.16.
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