May 16, 2018 / 12:21 PM / 3 months ago

BRIEF-Macy's Inc Reports Q1 EPS $0.48 Excluding Items

May 16 (Reuters) - Macy’s Inc:

* MACY’S INC REPORTS FIRST QUARTER 2018 EARNINGS

* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $3.75 TO $3.95 EXCLUDING ITEMS

* Q1 EARNINGS PER SHARE $0.48 EXCLUDING ITEMS

* Q1 SALES $5.541 BILLION VERSUS I/B/E/S VIEW $5.36 BILLION

* Q1 SAME STORE SALES ROSE 3.9 PERCENT

* Q1 EARNINGS PER SHARE VIEW $0.37 — THOMSON REUTERS I/B/E/S

* RAISES EARNINGS AND SALES GUIDANCE FOR FISCAL 2018

* COMPARABLE SALES ON AN OWNED BASIS WERE UP 3.9 PERCENT IN Q1 OF 2018 COMPARED TO Q1 OF 2017

* TOTAL SALES ARE EXPECTED TO RANGE FROM A 1 PERCENT DECLINE TO A .5 PERCENT INCREASE IN FISCAL 2018

* ON AN OWNED PLUS LICENSED BASIS, COMPARABLE SALES WERE UP 4.2 PERCENT FOR Q1 OF 2018

* SET A NEW APPROACH TO ITS BUSINESS IN CHINA

* HAS COME TO A MUTUAL AGREEMENT TO END JOINT VENTURE WITH FUNG RETAILING LIMITED

* COMPARABLE SALES ON AN OWNED PLUS LICENSED BASIS ARE EXPECTED TO INCREASE BETWEEN 1 AND 2 PERCENT IN FISCAL 2018

* WILL REMAIN ACTIVE ON ALIBABA’S E-COMMERCE PLATFORM TMALL, AS WELL AS SOCIAL MEDIA CHANNELS

* MACY’S - IN FISCAL 2018 COMPARABLE SALES ON OWNED BASIS ARE EXPECTED TO BE 20-30 BASIS POINTS BELOW COMPARABLE SALES ON AN OWNED PLUS LICENSED BASIS

* E-COMMERCE TEAM IN SAN FRANCISCO WILL MANAGE ONGOING CHINA BUSINESS WITH OPERATIONAL SUPPORT FROM FUNG OMNI IN SHANGHAI

* “WE ARE MAINTAINING A HEALTHY INVENTORY POSITION”

* FY EARNINGS PER SHARE VIEW $3.61 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:

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