Shares of Macy’s Inc. shot up 12.4 percent to $14.17 in premarket trading on Thursday because the retailer showed some unexpected strength on the underside line because it navigated a troublesome sales environment.
The corporate’s adjusted earnings per share fell to 21 cents within the third quarter from 52 cents a yr earlier, but that was well ahead of the breakeven performance analysts had penciled in, based on FactSet.
Net income fell 60 percent to $43 million, or 15 cents a diluted share, from $108 million, or 39 cents, a yr earlier.
Revenues for the three months ended Oct. 28 decreased 7.8 percent to $5 billion from $5.5 billion a yr earlier.
Jeff Gennette, chairman and chief executive officer of Macy’s, said: “We delivered...
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