Macy’s Inc. (NYSE: M) reported first quarter 2022 earnings results today.
Net sales rose to $5.3 billion from $4.7 billion in the same period a year ago.
Comparable sales were up 12.8% on an owned basis and up 12.4% on an owned-plus-licensed basis.
GAAP net income was $286 million, or $0.98 per share, compared to $103 million, or $0.32 per share, last year. Adjusted EPS amounted to $1.08.
Macy’s reaffirmed its sales guidance and raised its adjusted EPS guidance for FY2022. Sales are expected to range between $24.4-24.7 billion while adjusted EPS is estimated to be $4.53-4.95.