Macy’s sales rose 62.5% in Q121 from the comparable quarter of 2020 on an owned basis, according to the company’s press release. On an owned plus licensed basis, the sales were 63.9% higher than the comparable quarter last year.
Macy’s diluted earnings per share and adjusted diluted EPS exceeded expectations to reach $0.32 and $0.39, respectively.
Digital sales surged 34% in Q1 compared to prior year and was 32% above Q1 2019.
Macy’s Platinum, Gold, and Silver clients total spend rose 10% from the first quarter of 2019 and was an 11-percent point increase from the Q420.
The Bronze segment, consisting of the youngest and most diverse clients, gained 1.7 million members.
The company added 4.6 million customers, up 23% from the first quarter of 2019, with 47% coming through the digital channel.
Macy’s gross margin rose from 17.1% in Q120 to 38.6% in Q121, rising by 40 basis points from Q1 2019.
Macy’s projects net sales of between $21.73-$22.23 billion in FY21, up from prior guidance of between $19.75-$20.75 billion.
Adjusted diluted EPS is projected to be $1.71-$2.12 in FY21, up from prior guidance of $0.40-$0.90.
The company projects EBITDA in percentages of 9%-9.5% in FY21, up from prior guidance of 7%-7.5%.
Macy’s stock is currently gaining. M: NYSE is up 3.91% in premarket.
