What's The Reason Behind Macy's Stock Soaring Today?

Macy's Inc M reported second-quarter FY21 sales growth of 58.7% year-on-year, to $5.65 billion, beating the analyst consensus of $4.98 billion.
Comparable sales increased 61.2% on an owned basis and up 62.2% on an owned plus licensed basis versus Q2 2020.
Comparable sales improved 5.8% on an owned basis and up 5.9% on an owned plus licensed basis versus Q2 2019.
The operating margin was 10.6%, and operating income for the quarter was $597 million.
The gross margin was 40.6%, up 1700 basis points from Q2 2020 and up 180 basis points from Q2 2019.
Adjusted EBITDA was $836 million versus $(142) million last year.
Adjusted EPS of $1.29 beat the analyst consensus of $0.14.
Macy's held $2.1 billion in cash and equivalents as of July 31, 2021. Net cash provided by operating activities for the six months totaled $965 million.
Inventory was down 14.5% from Q2 2019.
Macy's reinstated its regular quarterly dividend of $0.15 per share, payable on October 1, to shareholders of record on September 15.
Macy's board has authorized a $500 million share repurchase program.
Outlook: Macy’s raised FY21 sales to $23.55 billion - $23.95 billion (prior $21.73 billion - $22.23 billion) versus the consensus of $22.12 billion.
The company raised FY21 adjusted EPS outlook $3.41 - $3.75 (prior $1.71 - $2.12) versus the consensus of $2.24.
Price Action: M shares are trading higher by 12.8% at $20.38 on the last check Thursday.
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