Macy’s Inc (M) said before open Thursday that it earned $0.21 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $4.9 billion, beating estimates by $71 million.
In the same quarter a year ago, the company earned $0.52 per share on revenue of $5.2 billion.
The stock is up 7.38% to $13.48 after the report.
The firm’s higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.
Prior to the report, InvestorsObserver gave the stock an overall score of 43. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Macys is Americas store for life. The largest retail brand of Macys Inc. NYSE:M delivers quality fashion at affordable prices to customers at approximately 640 locations in 43 states the District of Columbia Puerto Rico and Guam as well as to customers in more than 100 international destinations through leading e-commerce site macys.com. Macys inspires fashion exploration and discovery through the most desired family of exclusive brands for her for him for the home and via our dynamic mobile and social platforms. We know the power of celebration demonstrated through decades of memorable experiences created during Macys 4th of July Fireworks and Macys Thanksgiving Day Parade as well as spectacular fashion shows culinary events flower shows and celebrity appearances. Macys flagship stores including New York Citys Herald Square are internationally renowned and preeminent destinations for tourists. With the collective support of our customers and employees Macys builds community and helps make a difference in every market we serve supporting local and national charities by giving nearly $50 million each year plus 146000 hours of volunteer service. For more than 160 years Macys has and continues to make life shine brighter for our customers colleagues and communities.