Macy’s Inc. stock soared 12% Thursday after the department-store chain’s earnings fell from a year ago but still managed to beat consensus estimates and after the company raised its full-year profit guidance.
“The customers continue to return to in-person postpandemic shopping experiences, and were searching for occasion-based product, including career in Tailored Sportswear, dresses and luggage, rather than popular pandemic categories such as active, casual sportswear, sleepwear and soft home that skew more heavily towards digital purchases,” Chief Executive Jeff Gennette told analysts on the earnings call, according to a FactSet transcript.
“The holidays are happening,” he said. “Trips are booked, parties and family gatherings are planned. Consumers will be spending, but it is too early to tell how much they will allocate to our ordinary categories. We are confident in the amount and composition of our inventory, timing of flows and marketing, but cognizant that we do not operate in a vacuum.”
Macy’s posted net income of $108 million, or 39 cents a share, for the quarter, down from $239 million, or 76 cents a share, in the same period of the previous year. Adjusted per-share earnings came to 52 cents, well ahead of the 18-cent FactSet consensus.Sales fell to $5.230 billion from $5.440 billion a year ago but were ahead of the $5.202 billion FactSet consensus. Same-store sales fell 3.1% on an owned basis and were down 2.7% on an owned-plus-licensed basis.
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