Macy’s (M) Q3 2021 earnings beat
Macy’s entrances will be decorated in Christmas lights on December 4, 2020 in New York City.
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Macy’sThe department store chain reported on Thursday third quarter earnings and sales which exceeded analysts’ expectations. This led to the company raising its full year forecast before the holidays.
Jeff Gennette CEO stated Macy’s had 4.4 millions new customers for the quarter, and that they have benefited from an “improved economiy.”
This is how Macy’s performed in the three months ending October 30. It’s a comparison to what analysts expected based upon a Refinitiv survey.
- Earnings per share: $1.23 adjusted vs. 31 cents expected
- Revenue: $5.4 Billion vs. $5.2 Billion expected
Macy’s reported net profit of $239 million was 76cs per shares, as compared to Macy’s loss of $91million (29 cents per share) one year prior. The company’s share price was $1.23, which is better than 31 cents analysts expected.
From $3.99 billion in sales a year ago, the $5.4 billion increase was surprisingly impressive. This was more than the $5.2 billion estimate.
Macy’s experienced comparable sales growth on an owned-plus licensed basis of 35.6% during the third quarter. Refinitiv estimates that analysts expected growth to be 29.3%.
The 2021 company’s revenue is now between $24.12 billion and $24.28 billion, as compared to a range of $23.55 million to $23.95 trillion in the past.
The adjusted full-year earnings per share are expected to be $4.57-4.76, an increase from the previous estimates of $3.41-3.75.
Macy’s Press Release here.
This is a developing story. Keep checking back for more updates.