Q2FY15 diluted EPS hikes 11% at Macy's
For the second fiscal quarter ending August 2, 2014, fashion retailer and NYSE-listed Macy's reported an 11 percent rise in diluted earnings per share from the second fiscal quarter of 2013. Earnings per diluted share grew to 80 cents in Q2FY15 from 72 cents in Q2FY14.
Sales at Macy’s in Q2FY15 went up by 3.3 percent to $6.267 billion from sales of $6.066 billion in Q2FY14. Comparable sales together with comparable sales of departments licensed to third parties were up 4.0 percent in Q2FY15 over Q2FY14.
Operating income totalled $571 million or 9.1 percent of sales for Q2FY15, compared with operating income of $534 million or 8.8 percent of sales, the apparel retailer achieved in a year ago period.
In Q2FY15, Macy’s repurchased approximately 8.9 million shares of its common stock for a total of approximately $517 million.
For the fiscal year to date, Macy's sales totalled $12.54 billion, up 0.7 percent from total sales of $12.453 billion in the first half of 2013. Comparable sales together with comparable sales of departments licensed to third parties were up 1.5 percent in the first half of 2014 over 2013.
For H1FY15, Macy's operating income amounted to $1.014 billion or 8.1 percent of sales, compared with operating income of $969 million or 7.8 percent of sales in H1FY14.
Net cash from operating activities totalled $646 million in H1FY15, compared with $664 million in H1FY14. Net cash used by investing activities in H1FY15 was $288 million against $316 million a year ago.
Net cash used by financing activities in H1FY15 stood at $1.00 billion, compared with $760 million in similar period of last fiscal year.
In the fiscal year to date, Macy’s repurchased approximately 16.3 million shares of its common stock for approximately $949 million.
As on August 2, 2014, it had remaining authorization to repurchase up to approximately $2 billion of its common stock.
Macy’s CEO Terry Lundgren said, "Our sales trend improved at both Macy's and Bloomingdale's in the second quarter, reflecting a rebound in shopping activity once weather patterns normalized. We also benefitted from a shift in a major Macy's promotional event into the first two days of the quarter”.
He added, “Our Millennial strategies have sharpened our merchandising and marketing to customers in the age range of 13 to 30. This has created new positive energy as our customers begin back-to-school shopping."
Fibre2fashion News Desk - India