Macy’s (NYSE:M) reported better-than-expected results for the third quarter, leading to more than a 6% rise in its shares intra-day today.
The retailer announced adjusted earnings per share of 21 cents, surpassing analysts’ forecasts. Its revenue reached $5 billion, also exceeding the anticipated $4.79 billion. Notably, Macy’s saw an increase in its gross margin, rising from 38.7% to 40.3%.
In terms of sales, the company experienced a 7% decline in owned-basis comparable sales and a 6.3% decrease in owned plus licensed comparable sales. However, these figures were better than the Street estimate of a 7.8% decline.
Looking to the future, Macy’s has updated its EPS forecast for fiscal year 2024, predicting it to be between $2.88 and $3.13, which is higher than the Street estimate of $2.77. This forecast is an adjustment from their earlier projection of $2.70 to $3.20.
For net sales in the fiscal year, the company expects them to fall between $22.9 billion and $23.2 billion, compared to the Street estimate of $23.12 billion.