Macy’s Jumps 14% On Upbeat Quarterly Results
Shares of Macy’s, Inc. (M) are up more than 14% Thursday morning following better-than-expected second-quarter results.
The company reported net income of $345 million or $1.08 per share in the second quarter compared with net loss of $431 million or $1.39 per share in the same quarter a year ago.
Excluding items, adjusted EPS of $1.29 beat the average estimate of 12 analysts polled by Thomson Reuters at $0.14 per share.
Net sales in the quarter increased to $5.647 billion from $3.559 billion last year. The consensus estimate was for $4.98 billion.
Looking forward to the full year, the company has raised its outlook.
Net sales are expected between $23.55 billion and $23.95 billion, up from $21.73 billion – $22.23 billion provided previously. Adjusted EPS is expected in the range of $3.41 – $3.75 compared with $1.71 – $2.12 guided earlier.
Analysts expect the company to report earnings of $2.24 per share on revenue of $22.12 billion.
Macy’s shares are trading at $20.68, close to its 52-week high of $22.30.
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