Stock Story -
Department store chain Macy’s (NYSE:M) will be reporting results tomorrow before market hours. Here's what to expect.
Macy's (NYSE:M) beat analysts' revenue expectations by 3.5% last quarter, reporting revenues of $8.38 billion, down 2.4% year on year. It was a strong quarter for the company, with an impressive beat of analysts' revenue and earnings estimates.
Is Macy's a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting Macy's revenue to decline 7% year on year to $4.81 billion, in line with the 7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.17 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Macy's has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 4.1% on average.
Looking at Macy's peers in the general merchandise retail segment, only Dillard's has reported results so far. It beat analysts' revenue estimates by 1.5%, posting year-on-year sales declines of 2.5%. The stock was down 3.8% on the results.
Read the full analysis of Dillard's results on StockStory. There has been positive sentiment among investors in the general merchandise retail segment, with share prices up 8.2% on average over the last month. Macy's is up 4.5% during the same time and is heading into earnings with an average analyst price target of $20.4 (compared to the current share price of $19.6).
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