Macy’s, Inc. Reports First Quarter 2018 Earnings
Net sales in the first quarter of 2018 totaled $5.541 billion, an increase of 3.6 percent, compared with sales of $5.350 billion in the first quarter of 2017. Comparable sales on an owned basis were up 3.9 percent in the first quarter and up 4.2 percent on an owned plus licensed basis. The company estimates that comparable sales in the first quarter of 2018 benefited approximately 250 basis points from the shift of Friends and Family from the second quarter to the first. Excluding this, the company estimates that comparable sales were up 1.7 percent on an owned plus licensed basis. Macy's, Inc.'s operating income for the first quarter of 2018 totaled $238 million, or 4.3 percent of sales, compared to $219 million, or 4.1 percent of sales, for the first quarter of 2017. Operating income for the first quarter of 2018 totaled $257 million, or 4.6 percent of sales, excluding impairment and other costs of $19 million, which primarily relate to the wind-down of Macy's China Limited as discussed below. The company anticipates recognizing additional charges of approximately $10 million related to the wind-down over the course of fiscal 2018. There were no impairment and other costs in the first quarter of 2017. Click Read More below for additional information.