Macy's reported first-quarter earnings and same-store sales that topped analysts' expectations, as its initiatives to refresh outdated stores and get more people to shop using its mobile app showed signs of paying off.
Here's what Macy's reported compared with what analysts were expecting, based on Refinitiv data: * Earnings per share: 44 cents vs. 33 cents expected * Revenue: $5.504 billion vs. $5.505 billion expected * Same-store sales: up 0.7% vs. a decline of 0.2% expected, on an owned plus licensed basis CEO Jeff Gennette said e-commerce revenues grew at a double-digit percentage rate during the quarter, while mobile remained Macy's fastest-growing channel for sales growth.
Sales at Macy's stores open for at least 12 months, on an owned plus licensed basis, were up 0.7%, better than an expected 0.2% drop.
Some of Macy's other recent initiatives to draw shoppers in include adding rotating marketplaces for popular brands in more than two dozen stores, using virtual-reality headsets to sell furniture and rolling out a mobile checkout option across the U.S. to cut costs and grow sales.
Macy's, with a market cap of roughly $6.7 billion, has watched its shares fall nearly 27% so far this year.