Why Department Store Major Macy's Shares Are Shooting Higher Today
Portfolio Pulse from Shivani Kumaresan
Macy's Inc (NYSE:M) shares rose after reporting Q3 FY23 earnings that surpassed analyst expectations. Sales declined by 7% to $4.86 billion, beating estimates of $4.79 billion. Adjusted EPS was $0.21, exceeding the $0.02 consensus. The company updated its FY23 outlook, expecting comparable sales down 6%-7% and adjusted EPS of $2.88-$3.13, with the latter higher than the previous range and above consensus estimates. Macy's stock increased by 9.99% to $13.86.
November 16, 2023 | 2:56 pm
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POSITIVE IMPACT
Macy's reported better-than-expected Q3 FY23 earnings with a smaller decline in sales and a higher adjusted EPS than anticipated. The company also provided an improved FY23 outlook.
Macy's positive earnings report and the upward revision of its FY23 outlook are likely to instill investor confidence, leading to a short-term positive impact on the stock price. The significant beat on adjusted EPS and the updated guidance that exceeds analyst expectations are key drivers of the stock's surge.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100