NEW YORK (TheStreet) -- Macy's (M) stock is higher at market open after the retailer beat first-quarter earnings expectations, weathering a quarter which has seen sharp drops in foot traffic in the retail sector.
At market open, shares had climbed 1.1% to $58.50.
The Ohio-based company earned 60 cents a share over the three months to March, a penny higher than analysts surveyed by Thomson Reuters expected. Revenue of $6.28 billion slipped 1.7% year over year, though gross margins increased 10 basis points to 38.9%.
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TheStreet Ratings team rates MACY'S INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate MACY'S INC (M) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, increase in net income, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
- You can view the full analysis from the report here: M Ratings Report