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Why Macy's Is Trading Higher Today

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Why Macy's Is Trading Higher Today

Macy's Inc (NYSE: M) is trading higher Tuesday morning after the company reported better-than-expected earnings and revenue, while raising guidance.

What Happened: Macy's reported earnings of 39 cents per share, which beat the average estimate for a loss of 41 cents per share. It reported revenue of $4.71 billion, which beat the estimate of $4.36 billion. Macy's also raised its full-year 2021 earnings and revenue guidance. 

“In our first quarter we outperformed sales expectations across all three of our brands: Macy’s, Bloomingdale’s and Bluemercury. We built on our momentum from the fourth quarter and our sales trend continued to improve throughout the first quarter,” said Jeff Gennette, chairman and CEO of Macy’s. 

Related Link: Mike Khouw's Macy's Options Trade

M Price Action: Macy's traded as high as $22.30 and as low as $4.80 over a 52-week period.

At last check Tuesday, the stock was up 4.65% in premarket trading at $20.05.

Photo by Mike Mozart from Flickr.

 

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