?The Smurf float moves through Times Square during the Macy's Thanksgiving Day parade November 25, 2010 in New York City.
In spite of the macroeconomic headwinds, shares of?Macy?s (M-?Analyst Report) have been in an upward trend since the company delivered its second-quarter fiscal 2012 results; the ninth straight quarter with a positive earnings surprise. The stock price is now hovering close to its 52-week high of $42.17, achieved on May 2, 2012.
With a long-term earnings growth projection of 10.4% and a dividend yield of 2%, this Zacks #2 Rank (Buy) offers a lucrative option for investors seeking both growth and income.
Macy?s Beats, Ups Outlook
On August 8, 2012, Macy?s posted second-quarter fiscal 2012 earnings of 67 cents per share, which came in ahead of the Zacks Consensus Estimate of 64 cents by 4.7% and the year-ago earnings of 55 cents by 22%. Quarterly results were boosted by My Macy?s localization initiatives, omnichannel integration, robust online sales and effective cost management.
Management now projects fiscal 2012 earnings between $3.30 and $3.35, up from the earlier range of $3.25 to $3.30.
Total sales grew 3% year-over-year to $6,118 million, beating the Zacks Consensus Estimate of $6,100 million. Comparable-store sales climbed 3%. Online sales, which include sales from macys.com and bloomingdales.com, surged 36.1%.
Gross profit climbed 3.3% to $2,563 million, aided by top-line growth, whereas gross profit margin expanded 10 basis points to 41.9%. Operating income jumped 9.5% to $554 million, whereas operating margin increased 60 basis points to 9.1%.
Earnings Momentum Climbing
The Zacks Consensus Estimate for fiscal 2012 inched up 1.2% to $3.38 per share over the last 60 days, implying year-over-year growth of 17.4%. The current estimate is above the high-end of the company?s guidance range.
For fiscal 2013, the Zacks Consensus Estimate is $3.85 per share, increasing approximately 1.9% over the same time frame, and marking a year-over-year growth of 13.7%.
Source: http://www.forbes.com/sites/zacks/2012/09/14/macys-shares-flying-high-and-on-parade/
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