Macy's Inc M shares are trading higher by 7.12% to $20.00 Tuesday morning after the company reported better-than-expected second-quarter EPS and sales results.
What Happened?
Macy's reported quarterly earnings of $1.00 per share which beat the analyst consensus estimate of 85 cents. The company also reported quarterly sales of $5.60 billion which beat the analyst consensus estimate of $5.49 billion by 2%.
Macy's added that comparable sales were down 2.9% on an owned basis and down 2.8%, on an owned-plus-licensed basis. 43.9 million active customers shopped the Macy's brand, on a trailing twelve-month basis, a 7% increase compared to the prior year.
"Over the past two years, our Polaris strategy has made us faster and more agile, which has been essential to navigate rapidly changing consumer trends and macro conditions. We expect to come out of this uncertain period in a strong position with a healthy balance sheet, new capabilities and a talented team ready to capture renewed demand," sais Jeff Gennette, Chairman and CEO of Macy's.
According to data from Benzinga Pro, Macy's has a 52-week high of $37.95 and a 52-week low of $15.85.
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