Earnings Results: Macy’s stock soars after big earnings, improved outlook

by | Nov 16, 2023 | Stock Market

Shares of Macy’s Inc. powered higher Thursday, after the department store chain reported a big fiscal third-quarter profit beat and provided an improved full-year outlook, as margins increased and inventories fell to “healthy” levels. “We have refined our gift assortment, simplified our promotions and improved our shopping experience,” said Chief Executive Jeff Gennette.

The stock
rose 9.1% in premarket trading, putting it on track to open at a three-month high. After already soaring 17.4% over the past two sessions, the stock was headed for its best three-day performance since it rocketed 33.1% over the three days ended May 27, 2022. Net income for the quarter to Oct. 28 fell to $43 million, or 15 cents a share, from $108 million, or 39 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of 21 cents beat the FactSet consensus of breakeven. Sales fell 7.1% to $4.86 billion, but topped the FactSet consensus of $4.78 billion. Same-store sales, or sales of stores open at least a year, fell 7.0% to beat expectations of a 7.2% decline, as Macy’s branded stores saw same-store sales fall 7.6%, Bloomingdale’s same-store sales were down 3.2% and Bluemercury’s same-store sales rose 2.5%. “We delivered better-than-ex …

Article Attribution | Read More at Article Source

Share This