The Currency Scene:
News, Events, and Stories about currency from around the world.

(Reuters) - Macy’s Inc (M.N) reported a much better-than-expected increase in quarterly same-store sales, beating estimates for the second straight quarter, offering hopes for a company struggling to boost sales in the face of intense online competition.

FILE PHOTO: People gather at the Broadway entrance of Macy's Herald Square store ahead of early opening for the Black Friday sales in Manhattan, New York, U.S. November 23, 2017. REUTERS/Andrew Kelly/File Photo

Macy’s shares surged more than 13 percent in premarket trading after the company also raised its full-year profit forecast.

The company said it would end its joint venture with China-based Fung Retailing Ltd but would remain active on Alibaba’s e-commerce platform TMall.

The retailer’s 4.2 percent rise in same-store sales in the first quarter easily topped Wall Street’s 1.4 percent estimate.

The quarter benefited from a change in accounting that shifted its Friends & Family promotional program from the second quarter to the first, the company said.

“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,” Chief Executive Officer Jeff Gennette said.

Net income attributable to Macy’s shareholders rose to $139 million, or 45 cents per share, in the first quarter ended May 5, from $78 million, or 26 cents per share, a year earlier.

Excluding one-time items, the company earned 48 cents per share topping analysts’ expectations by 11 cents.

Net sales rose 3.6 percent to $5.54 billion in the quarter, also beating expectations.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Saumyadeb Chakrabarty

Read more from our friends at Reuters:

Pin It

The Logo Story

currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

Visit the CurrenScene Media Page