What's The Reason Behind Macy's Stock Soaring Today?

  • Macy's Inc M reported second-quarter FY21 sales growth of 58.7% year-on-year, to $5.65 billion, beating the analyst consensus of $4.98 billion.
  • Comparable sales increased 61.2% on an owned basis and up 62.2% on an owned plus licensed basis versus Q2 2020.
  • Comparable sales improved 5.8% on an owned basis and up 5.9% on an owned plus licensed basis versus Q2 2019.
  • The operating margin was 10.6%, and operating income for the quarter was $597 million.
  • The gross margin was 40.6%, up 1700 basis points from Q2 2020 and up 180 basis points from Q2 2019.
  • Adjusted EBITDA was $836 million versus $(142) million last year.
  • Adjusted EPS of $1.29 beat the analyst consensus of $0.14.
  • Macy's held $2.1 billion in cash and equivalents as of July 31, 2021. Net cash provided by operating activities for the six months totaled $965 million.
  • Inventory was down 14.5% from Q2 2019.
  • Macy's reinstated its regular quarterly dividend of $0.15 per share, payable on October 1, to shareholders of record on September 15.
  • Macy's board has authorized a $500 million share repurchase program.
  • Outlook: Macy’s raised FY21 sales to $23.55 billion - $23.95 billion (prior $21.73 billion - $22.23 billion) versus the consensus of $22.12 billion.
  • The company raised FY21 adjusted EPS outlook $3.41 - $3.75 (prior $1.71 - $2.12) versus the consensus of $2.24.
  • Price Action: M shares are trading higher by 12.8% at $20.38 on the last check Thursday.
  • Photo by Michael Rivera via Wikimedia
Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsLong IdeasNewsGuidanceMoversTrading IdeasBriefsConsumer DiscretionaryDepartment Stores
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!