Macy's: stock jumps before bell on raised estimates
(CercleFinance.com) - On Thursday the US department store chain Macy's raised its annual profit target following a "strong" first quarter that was marked by better-than-expected results.
The company said it now expects adjusted earnings of 4.53 to 4.95 dollars for FY 2022, up from a previous forecast range of 4.13 to 4.52 dollars.
For Q1 to end-April, net income rose to 286 million dollars (+41% from 203 million dollars a year ago).
Meanwhile, EPS reached 98 cents, significantly above the consensus of 82 cents per share.
Its quarterly sales totaled 5.35 billion dollars, again up from the 4.70 billion dollars posted year ago, performance that is slightly higher than analysts' forecasts.
LFL sales at Macy's shops and licensed partners rose by 12.4%.
Although macroeconomic pressures worsened over the quarter, Macy's said its customers continued to shop.
The group also reported continued strong sales in luxury goods.
Following these announcements, the stock - which has lost nearly 27% YTD - was up over 14% in pre-market trading on Wall Street.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The company said it now expects adjusted earnings of 4.53 to 4.95 dollars for FY 2022, up from a previous forecast range of 4.13 to 4.52 dollars.
For Q1 to end-April, net income rose to 286 million dollars (+41% from 203 million dollars a year ago).
Meanwhile, EPS reached 98 cents, significantly above the consensus of 82 cents per share.
Its quarterly sales totaled 5.35 billion dollars, again up from the 4.70 billion dollars posted year ago, performance that is slightly higher than analysts' forecasts.
LFL sales at Macy's shops and licensed partners rose by 12.4%.
Although macroeconomic pressures worsened over the quarter, Macy's said its customers continued to shop.
The group also reported continued strong sales in luxury goods.
Following these announcements, the stock - which has lost nearly 27% YTD - was up over 14% in pre-market trading on Wall Street.
Copyright (c) 2022 CercleFinance.com. All rights reserved.