Macy’s Earnings Top Forecasts as Promotions Attract Shoppers

📆 8/22/2023 8:42 AM
📰 BNNBloomberg

⏱ Reading Time:
19 sec. here
2 min. at publisher
📊 Quality Score:
News: 11%
Publisher: 50%

United States News News

United States United States Latest News,United States United States Headlines

Macy’s Inc. profit beat analyst expectations as markdowns attracted bargain-hunting shoppers who are pulling back on purchases after a pandemic shopping boom.

While US shoppers are still spending at stores like Walmart Inc. for necessities, as well as on travel and entertainment, outlays on apparel and accessories have fallen from record highs during the pandemic.

Adjusted earnings per share were 26 cents, compared with the average analyst estimate of 13 cents. Gross margin of 38.1%, meanwhile, weakened from the prior quarter due to heightened levels of clearance markdowns, the company said. The shares were little changed in early trading in New York. The stock has tumbled more than 28% for the year to date as of Monday’s close.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pressure to revive economy muddies earnings outlook for China's top banksBy Ziyi Tang and Ryan Woo BEIJING (Reuters) - A scramble by Chinese policymakers to tackle a debt crisis in the property sector and shore up the ...
Source: SaltWire Network - 🏆 45. / 63 Read more »

Futures climb as focus shifts to Powell at Jackson Hole, Nvidia earnings(Reuters) - U.S. stock index futures rose on Monday after a sharp selloff last week, with investors awaiting more clues on interest rates from an ...
Source: SaltWire Network - 🏆 45. / 63 Read more »