: Macy's profit soars past expectations and raises its full-year outlook #FinanceUSA #StockMarketNEWS Macy's Inc. stock jumped 10.3% in Thursday premarket trading after the department store retailer
@stockMarketNEWS 12 Days ago
Macy's profit soars past expectations and raises its full-year outlook #FinanceUSA #StockMarketNEWS
Macy's Inc. stock jumped 10.3% in Thursday premarket trading after the department store retailer reported third-quarter earnings that trounced Street expectations. Net income totaled 9 million, or 76 cents per share, after a loss of million, or 29 cents per share, last year. Adjusted EPS of .23 blew past the FactSet consensus for 31 cents per share. Sales of .44 billion were up from .99 billion last year and also beat the FactSet consensus of .20 billion. Comparable sales grew 37.2% on an owned basis and were up 35.6% on an owned-plus-licensed basis. The FactSet consensus was for 32.3% growth. Macy's added 4.4 million new customers, and says it will launch a curated marketplace in order to continue adding new customers and grow sales. The marketplace will expand the assortment into new categories as well as build on existing ones. The marketplace is expected to launch in the second half of 2022. Macy's other banners include Bloomingdale's and the Bluemercury beauty chain, which both saw comparable store increases in a similar range as the namesake chain. For the year, Macy's raised its sales guidance to .12 billion to .28 billion from .55 billion to .95 billion. The company now expects adjusted EPS of .57 to .76 up from .41 to .75. The FactSet consensus is for sales of .11 billion and EPS of .65. Macy's stock has skyrocketed more than 174% for the year to date while the S&P 500 index has gained 24.8% for the period.