(Macy’s Inc.) Macy’s reported a net income of $286 million in the first quarter of 2022, an increase from $103 million in the prior year.
The retailer netted sales of $5.348 billion in the first quarter, which was an increase from $4.71 billion in the prior year. Comparable sales increased by 12.8%.
Macy’s said that its gross margin in the quarter was 39.6%, compared to 38.6% in the prior year.
The company’s adjusted diluted earnings per share were $1.08 in the quarter, compared to an EPS of $0.39 in the prior year.
Macy’s kept its net sales guidance of between $24.46 billion and $24.70 billion in FY22. The company boosted its adjusted diluted EPS to between $4.53 and $4.95 in FY22, from a previously guided $4.13 to $4.52 billion.
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