Macy's 'Bold New Chapter' Gains Traction: Analysts Say Retailer Delivers In Q1 Results, While Some Risk Remains
Macy's 'Bold New Chapter' Gains Traction: Analysts Say Retailer Delivers In Q1 Results, While Some Risk Remains
Macy's Inc (NYSE:M) shares climbed in early trading on Wednesday after the company reported better-than-expected earnings and raised its outlook.
梅西百貨公司（紐約證券交易所代碼：M）股價在週三早盤交易中攀升，此前該公司公佈的收益好於預期並提高了前景。
The results came amid an exciting earnings season. Here are some key analyst takeaways.
業績是在激動人心的業績期中公佈的。以下是一些重要的分析師要點。
JPMorgan On Macy's
摩根大通談梅西百貨
Analyst Matthew Boss reaffirmed an Overweight rating while raising the price target from $25 to $27.
分析師馬修·博斯重申了增持評級，同時將目標股價從25美元上調至27美元。
Macy's reported adjusted earnings of 27 cents per share, "more/less doubling mgmt's $0.10-$0.16 guide," with adjusted EBITDA margins at 7.2%, beating consensus of 6.3%, Boss said in a note. Same-store sales declined by 0.3%, much better than the Street's estimate of a 2.6% decline, he added.
博斯在一份報告中表示，梅西百貨公佈的調整後每股收益爲27美分，“是管理層0.10美元至0.16美元的預期收益的兩倍左右”，調整後的息稅折舊攤銷前利潤率爲7.2％，超過預期的6.3％。他補充說，同店銷售額下降了0.3％，遠好於華爾街估計的2.6％的下降。
"Importantly, management cited the Bold New Chapter strategy gaining traction with the First 50 Macy's nameplate doors comping +3.4% in 1Q – outperforming total Macy's nameplate SSS of -0.4% by +380bps (and outperforming the non-go-forward store locations by nearly 800bps," the analyst wrote.
該分析師寫道：“重要的是，管理層指出，Bold New Chapter戰略越來越受歡迎，梅西百貨前50家銘牌門在第一季度增長了3.4％，比梅西百貨銘牌SSS的0.4％高出380個點子（比非前瞻門店的表現高出近800個點子）。”
Management raised the full-year earnings guidance to $2.55-$2.90 per share, from $2.45-$2.85 per share, driven by better same-store sales growth and higher adjusted EBITDA margins, Boss further stated.
博斯進一步表示，在同店銷售增長改善和調整後息稅折舊攤銷前利潤率提高的推動下，管理層將全年收益預期從每股2.45美元至2.85美元上調至每股2.55美元至2.90美元。
Check out other analyst stock ratings.
查看其他分析師股票評級。
Goldman Sachs On Macy's
高盛談梅西百貨
Analyst Brooke Roach reiterated a Buy rating while lifting the price target from $22 to $23.
分析師布魯克·羅奇重申了買入評級，同時將目標股價從22美元上調至23美元。
Macy's delivered better-than-expected comps, "as successful new store initiatives drove a +3.4% comp at the 'First 50' Macy's stores, widening the performance gap vs. the balance of the Macy's fleet (-4.5% comp)," Roach wrote in a note. The company exhibited disciplined cost management during the quarter, she added.
羅奇在一份報告中寫道，梅西百貨的業績好於預期，“成功的新門店舉措使梅西百貨'前50家'門店的業績增長了3.4％，擴大了與梅西百貨機隊平衡的業績差距（-4.5％）。”她補充說，該公司在本季度表現出了嚴格的成本管理。
While higher markdowns led to a gross margin miss in the first quarter, due to a colder start to spring, Macy's indicated inventory was well-positioned into the second quarter, the analyst stated.
分析師表示，儘管由於春季開局較冷，較高的降價導致第一季度的毛利率下降，但梅西百貨表示，第二季度庫存狀況良好。
Morgan Stanley On Macy's
摩根士丹利談梅西百貨
Analyst Alex Straton maintained an Equal-Weight rating and price target of $19.
分析師亞歷克斯·斯特拉頓維持同等權重評級和19美元的目標股價。
Macy's delivered "yet another EPS beat, with SG&A discipline offsetting GM downside," Straton said. While some risk remained to the company's topline in the second quarter and full year, the earnings guidance "appears achievable in aggregate," he added.
斯特拉頓說，梅西百貨 “每股收益再創佳績，銷售和收購紀律抵消了通用汽車的下行空間”。他補充說，儘管該公司的第二季度和全年收入仍面臨一些風險，但收益預期 “總體上似乎是可以實現的”。
The analyst stated, however, the first-quarter beat and the full-year guidance raise "make for a lower 2Q-4Q bar than prior."
但是，該分析師表示，第一季度的表現和全年預期的上調 “使第二季度第四季度的門檻低於之前的水平”。
"Uncertainty surrounding the proposed real estate bid, credit card late fee regulation and unproven strategy execution limits our P&L visibility," Straton further wrote.
斯特拉頓進一步寫道：“圍繞擬議房地產競標、信用卡滯納金監管和未經證實的策略執行的不確定性限制了我們的損益知名度。”
M Price Action: Shares of Macy's had risen by 1.00% to $20.28 at the time of publication on Wednesday.
M價格走勢：在週三發佈時，梅西百貨的股價上漲了1.00％，至20.28美元。
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譯文內容由第三人軟體翻譯。