Macy’s on Wednesday reported quarterly earnings that topped analysts’ expectations, saying strong digital sales boosted results, while the retailer continues to make investments to improve its stores.
The department store chain also raised its earnings outlook for the full year, expecting a strong holiday quarter.
Its shares were up as much as 4.5 percent in premarket trading on the news but recently were down less than 1 percent.
Here’s what Macy’s reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
* Earnings per share: 27 cents, adjusted, vs. 14 cents expected
* Revenue: $5.40 billion vs. $5.41 billion expected
* Same-store sales: up 3.3 percent, on an owned plus licensed basis, vs. growth of 2.8 percent expected
The department store chain also raised its earnings outlook for the full year, expecting a strong holiday quarter.
Its shares were up as much as 4.5 percent in premarket trading on the news but recently were down less than 1 percent.
Here’s what Macy’s reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
* Earnings per share: 27 cents, adjusted, vs. 14 cents expected
* Revenue: $5.40 billion vs. $5.41 billion expected
* Same-store sales: up 3.3 percent, on an owned plus licensed basis, vs. growth of 2.8 percent expected