Macy's Inc (NYSE: M) shares have surged Thursday after it announced earnings per share of $1.23 before the bell, with revenue recorded at $5.44 billion.
The numbers reported were against an anticipated EPS of $0.31 and revenue of $5.2 billion.
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The top and bottom-line beat has seen Macy's stock price jump 15% to $35.51.
“Our company delivered another strong quarter and exceeded our expectations on both top and bottom lines. The results were driven by the effective execution of the Polaris strategy and an improved economic environment. In the quarter, the Macy’s brand added 4.4 million new customers. Consumers continue to spend, and we successfully offered a wide range of expanding merchandise assortment to meet their growing demand,” said Jeff Gennette, chairman and CEO of Macy’s.
“Looking ahead to the fourth quarter, we remain a special place for holiday shopping, and our robust omnichannel ecosystem is showing resilience in the face of labor and supply chain challenges and enables us to meet customer shopping needs with speed and convenience.”
In addition, the company also announced plans to launch a curated digital marketplace platform.
Looking ahead, the company's full-year guidance sees net sales between $24.12 billion and $24.28 billion, compared to the previous range of $23.55 billion and $23.95 billion. Meanwhile, its adjusted earnings per share for the year is expected to be between $4.57 and $4.76, above the previous guidance of $3.41 and $3.75.
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