=Macy's (M) reported earnings on Wed 11 May 2017 (b/o)

Macy's misses by $0.12, misses on revs and comps; reaffirms FY18 guidance:

• Reports Q1 (Apr) earnings of $0.24 per share, excluding non-recurring items, $0.12 worse than the Capital IQ Consensus of $0.36; revenues fell 7.5% year/year to $5.34 bln vs the $5.49 bln Capital IQ Consensus. 
• Comparable sales on an owned basis were down 5.2 percent in the first quarter and down 4.6 percent on an owned plus licensed basis vs. ests near -3%
• Co reaffirms guidance for FY18, sees EPS of $2.90-3.15 vs. $3.06 Capital IQ Consensus Estimate; sees FY18 revs of down 3.2-4.3% to ~$24.67-24.95 bln vs. $24.81 bln Capital IQ Consensus; comps down 2.2-3.3% or 2-3% including licenses.
• "Our first quarter sales and earnings results were consistent with our expectations, and we remain on track to meet our 2017 guidance. We are encouraged by the performance of the pilot programs we tested last year in categories like women's shoes, fine jewelry, and furniture and mattresses. We look forward to expanding these successful initiatives nationally this year and anticipate they will have a measurable impact on our performance starting in the second quarter, building through the fall. Additionally, our digital platforms showed continued strong growth in the first quarter," said Jeff Gennette, president and chief executive officer of Macy's, Inc. "In 2017, we are focused on taking actions to stabilize our brick and mortar business, including the testing and iteration of additional pilot programs in order to bring them to scale in future years. At the same time, we will invest to aggressively grow our digital and mobile business, while continuing the integration of our online and offline experience to allow our customers to shop the way they live."