Macy’s, Inc. (NYSE: M) today reported results for the first quarter of 2021 and raised guidance for fiscal 2021.
“In our first quarter we outperformed sales expectations across all three of our brands: Macy’s, Bloomingdale’s and Bluemercury. We built on our momentum from the fourth quarter and our sales trend continued to improve throughout the first quarter,” said Jeff Gennette, Chairman and CEO of Macy’s, Inc.
“As consumers seek to re-engage with each other, we are seeing promising signs that our core customers are shopping again,” continued Gennette.
First Quarter Highlights
- Comparable sales up 62.5% on an owned basis and up 63.9% on an owned plus licensed basis versus 2020.
- The company saw Platinum, Gold and Silver customers in its Star Rewards Loyalty program re-engage, with the average customer spend up 10% compared to first quarter 2019 and an 11-percentage point trend improvement from fourth quarter 2020.
- Diluted earnings per share of $0.32 and Adjusted diluted earnings per share of $0.39 both exceeded expectations for the quarter.
- The company brought 4.6 million new customers into the Macy’s brand, a 23% increase compared to first quarter 2019.
As a result of Macy’s, Inc. outperformance in the first quarter of 2021 and its improved outlook, the company is raising its full year 2021 guidance.
Recently Macy’s announced a growth initiative for their Backstage stores. The department store retailer plans to open 45 shops in 10 different states this year, representing 10 more stores than Macy’s originally planned for their brick-and-mortar footprint. This push will bring Macy’s one step closer to its goal of 270 locations nationwide.
“Our achievements in the first quarter, combined with the faster than anticipated economic recovery, give us the confidence to update our full-year 2021 guidance,” said Adrian Mitchell, chief financial officer of Macy’s, Inc.
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is one of the nation’s premier omnichannel retailers. Headquartered in New York City, the company comprises three retail brands: Macy’s, Bloomingdale’s and Bluemercury. With a robust e-commerce business, rich mobile experience and a national stores footprint, our customers can shop the way they live — anytime and through any channel. For more information, visit macysinc.com.