Macy’s and Alibaba Group released their latest earnings reports before opening bell this morning. Macy’s posted adjusted earnings of 54 cents per share on $5.87 billion in revenue. Analysts had been expecting earnings of 48 cents per share on $5.77 billion in sales. In last year’s second quarter, the department store operator reported $6.1 billion in sales and earnings of 64 cents per share.

For its first fiscal quarter, Alibaba posted adjusted earnings of 74 cents per share, representing an increase of 33%, on $4.84 billion in sales, which is a 59% increase year over year. Wall Street had been expecting $4.56 billion in sales and 62 cents per share in adjusted earnings.

Macy’s stock surges on same store sales beat

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Macy’s GAAP earnings plunged to 3 cents per share from 64 cents last year. This year’s adjusted earnings result includes 51 cents per share in charges mostly related to upcoming store closings and non-cash retirement plan settlement.

Total same store sales declined 2% year over year, compared to the consensus of a 4.7% decline. On an owned basis, comparable store sales fell 2.6%, with the difference in the numbers mostly coming from the closing of 41 Macy’s stores that have been underperforming. The department store operator expects to close 100 more full-line stores, with most of those closings coming early next year.

The company reiterated its full-year guidance of a 3% to 4% increase in total comparable store sales. On an owned basis, Macy’s expects comparable store sales to be about 50 basis points lower. Adjusted earnings per share are expected to be between $3.15 and $3.40 per share. The company also said it will continue looking for opportunities to turn a profit on its real estate portfolio.

Shares of Macy’s soared by as much as 11.03% to $37.75 in premarket trading this morning.

Alibaba shares rise as segments continue growth

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Alibaba’s gross merchandise volume grew 24% to $126 billion. GAAP earnings were 44 cents per share. China retail marketplaces revenue increased 49% from last year to $3.5 billion, while China mobile retail marketplaces revenue increased 119% to $2.6 billion. Mobile made up 75% of total China retail marketplaces revenue. The adjusted EBITDA margin for its core commerce segment was 61%, while the company’s total adjusted EBITDA margin declined to 47%.

The Chinese online retailer had 427 million mobile monthly active users in June, a 17 million increase from March. Annual active buyers on its China retail marketplaces climbed 11 million to hit 434 million in June. Alibaba’s cloud business clocked a 156% increase in revenue, bringing it to $187 million. The adjusted EBITDA loss narrowed to $24 million.

Shares of Alibaba jumped by as much as 4.66% to $91.40 in premarket trading this morning.