Macy’s key April revenue figure rises in April; retailer boosts guidance for first quarter

Macy’s key revenue figure rises in April

CINCINNATI — Macy’s Inc.’s revenue at stores open at least a year edged up 1.1 percent in April, beating the decline analysts predicted and prompting the retailer to boost its guidance for the quarter.

Analysts expected a decline of 0.4 percent, according to a Thomson Reuters survey.

Revenue at stores open at least a year is a key measure of retailer performance because it measures growth at existing stores rather than from newly opened ones. The department store company said it had predicted the figure to be about flat to the prior year.

Total revenue for the four-week period ending May 2 rose 2.8 percent to $1.74 billion.

The earlier Easter shifted some sales out of April and into March. The company said for the combined two months, revenue at stores open at least a year rose 6.2 percent.

For the first quarter, revenue at stores open at least a year rose 5.5 percent, above the company’s guidance for a rise of 5 percent. Total revenue rose 7.3 percent to $5.58 billion. Analysts expect revenue of $5.49 billion, according to Thomson Reuters.

CEO Terry J. Lundgren said customers are responding well to new private and exclusive brands.

The company said it now expects to earn between 2 and 4 cents in the first quarter, above its previous expectations of a break-even quarter.

Analysts predict earnings per share of about 2 cents in the quarter when the company reports first-quarter results next Wednesday.