NordenBladet – U.S. department store chain Macy’s reported second-quarter results that beat Wall Street expectations, sending its shares up more than 17% in premarket trading.
Revenue slipped 2.5% year over year to $4.81 billion but still exceeded forecasts, while adjusted earnings per share came in at $0.41 — more than double analysts’ estimates. Comparable sales rose 1.9%, marking the strongest growth in three years.
Performance was boosted by upgraded “Reimagine 125” stores as well as Macy’s luxury banners Bloomingdale’s and Bluemercury.
On the back of these results, Macy’s raised its full-year guidance, now projecting revenue of $21.15–$21.45 billion and adjusted EPS of $1.70–$2.05.
CEO Tony Spring said the results validate Macy’s multi-brand, multi-channel strategy and its ongoing turnaround efforts.