Macy’s earnings top estimates as company lures in new customers, hikes outlook

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  • Macy’s reported third-quarter earnings and sales that topped analysts’ estimates.
  • CEO Jeff Gennett said Macy’s added 4.4 million new customers in the quarter and benefited from an “improved economic environment.”

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Macy’s reported fiscal third-quarter earnings and sales on Thursday that topped analysts’ expectations, prompting the department store chain to raise its full-year forecast ahead of the holidays.

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Shares of Macy’s jumped nearly 5% in premarket trading on Wednesday’s closing news.

CEO Jeff Gennett said Macy’s added 4.4 million new customers in the quarter and benefited from an “improved economic environment.”

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Here’s how Macy’s performed against analyst estimates for the three-month period ended October 30, based on a survey by Refinitiv:

  • Earnings per share: $1.23 adjusted versus expected 31 cents
  • Revenue: $5.4 billion versus $5.2 billion expected

Macy’s net income was $239 million, or 76 cents per share, compared to a loss of $91 million, or 29 cents per share, a year ago. Excluding one-time items, the company posted earnings of $1.23 per share, 31 cents better than analysts had predicted.

Sales rose to $5.4 billion from $3.99 billion a year ago. This came before estimates of $5.2 billion.

Macy’s reported comparable sales growth on an ownership plus license basis of 35.6% in the quarter. Analysts were looking for 29.3% growth, according to Refinitiv estimates.

The company now sees 2021 revenue between $24.12 billion and $24.28 billion, compared to an earlier range of $23.55 billion to $23.95 billion.

It expects full-year adjusted earnings per share to hit $4.57 to $4.76, up from the prior forecast of $3.41 to $3.75.

Analysts were looking for adjusted earnings per share of $3.89 on revenue of $23.78 billion.

Macy’s stock is up more than 174% so far. The retailer has a market value of $9.55 billion.

Get the full press release from Macy’s Here,

This story is developing. Please check back for updates.

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