Macy’s Tops Earnings Estimates. Its New Turnaround Plan Starts to Pay Off.
Macy’s fiscal first-quarter sales dipped from a year ago, but earnings barreled through Wall Street’s expectations as the company’s turnaround plan starts “gaining traction.” Adjusted earnings of 27 cents a share were ahead of consensus estimates for 16 cents a share, according to FactSet. Macy’s shares ticked up 0.5% to $19.20 in early morning trading Tuesday.