Macy's Inc M shares are trading higher by 2.0% to $15.54 Wednesday morning. Shares of retail companies are trading higher following strong quarterly earnings from both Target and TJX.
If Target and TJX earnings indicate strong consumer spending, it might suggest that consumers are generally confident and willing to spend. This could lead to the belief that Macy's, as a retailer, might also experience increased foot traffic and sales.
What Happened?
Target reported a second-quarter FY23 sales decline of 4.9% year-on-year to $24.77 billion, missing the analyst consensus of $25.18 billion.
Comparable sales declined 5.4% in the second quarter, reflecting comparable store sales declines of 4.3% and comparable digital sales declines of 10.5%.
Gross margin for the quarter expanded by 550 basis points to 27%. The gross margin rate reflected lower markdowns and other inventory-related costs, lower freight costs, retail price increases, and lower supply chain and digital fulfillment costs...Read More
According to data from Benzinga Pro, Macy's has a 52-week high of $25.12 and a 52-week low of $12.80.
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