Macy's Q1 sales strongest in 4 years, outlook raised

Macy's Inc. reported its strongest first-quarter sales performance in four years on Wednesday, exceeding financial expectations and prompting the company to raise its full-year outlook. The results mark the fifth consecutive quarter the retailer has surpassed analyst forecasts, signaling continued momentum in its multi-year turnaround strategy.

For the quarter ended May 2, comparable sales across the company rose 3%, led by a standout performance from its Bloomingdale's division, where comparable sales surged 10.2%. The company's Bluemercury beauty chain also posted robust growth, with comparable sales increasing 6.4%. At the core Macy's banner, comparable sales grew 1.6%, with stores that have undergone recent renovations showing stronger performance.

Net income for the quarter rose to $63 million, or 23 cents per share, up from $38 million, or 13 cents per share, in the same period last year. Adjusted earnings per share were 13 cents, significantly beating the analyst consensus estimate of 3 cents. Revenue reached $4.68 billion, also exceeding Wall Street expectations.

The strong start to the year gave management confidence to raise its financial guidance. The company now...