- Macy's Inc M reported third-quarter FY21 sales growth of 36.3% year-on-year, to $5.44 billion, beating the analyst consensus of $5.20 billion.
- Comparable sales increased 37.2% on an owned basis and up 35.6% on an owned plus licensed basis versus Q3 2020.
- Comparable sales improved 8.9% on an owned basis and up 8.7% on an owned plus licensed basis versus Q3 2019.
- The operating margin was 9.6%, and operating income for the quarter was $523 million.
- The gross margin was 41%, up 540 basis points from Q3 2020 and up 100 basis points from Q3 2019.
- Adjusted EBITDA was $765 million versus $159 million last year.
- Adjusted EPS of $1.23 versus $(0.19) last year.
- Macy's held $316 million in cash and equivalents as of October 30, 2021. Net cash provided by operating activities for the nine months totaled $841 million.
- Inventory was down 15.5% from Q3 2019.
- "The results were driven by the effective execution of the Polaris strategy and an improved economic environment," said chairman and CEO Jeff Gennette.
- Macy's also announced plans to launch a curated digital marketplace platform to accelerate its Polaris strategy and unlock new sustainable and profitable growth opportunities. The marketplace platform is expected to launch in the second half of 2022.
- Outlook: Macy’s raised FY21 sales guidance to $24.12 billion - $24.28 billion (prior $23.55 billion - $23.95 billion) versus the consensus of $23.78 billion.
- The company raised FY21 adjusted EPS outlook $4.57 - $4.76 (prior $3.41 - $3.75) versus the consensus of $3.89.
- Price Action: M shares are trading higher by 10.9% at $34.2 in premarket on the last check Thursday.
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