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May 26, 2022, 7:14 a.m. EDT

Macy's hikes 2022 earnings view after announcing its profit more than doubled, shares rally

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By Steve Gelsi

M

Macy's Inc. /zigman2/quotes/201854387/composite M -0.86% shares rallied 16% in premarket trades Thursday after the retailer said its first-quarter net income increased to $286 million, or 98 cents a share, from $103 million, or 32 cents a share in the year-ago quarter. Adjusted earnings rose to $1.08 a share from 39 cents a share. Revenue increased to $5.35 billion from $4.71 billion. Analysts were looking for Macy's to earn 82 cents a share on revenue of $5.33 billion, according to a FactSet survey. Citing a boost from its credit card business, Macy's expects adjusted 2022 earnings of $4.53 to $4.95 a share, up from its earlier view of $4.13 to $4.52 a share. Analysts are expecting earnings of $4.33 a share for 2022. "We saw a notable shift back to occasion-based apparel and in-store shopping, as well as continued strength in sales of luxury goods," Macy's CEO Jeff Gennette said.

/zigman2/quotes/201854387/composite
US : U.S.: NYSE
$ 20.78
-0.18 -0.86%
Volume: 542,104
June 27, 2022 9:46a
P/E Ratio
4.01
Dividend Yield
2.99%
Market Cap
$5.65 billion
Rev. per Employee
$284,637
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