Macy's stock surged 5.5% in pre-market trading on Wednesday, following the release of its third-quarter earnings report, which exceeded analyst expectations.
The retailer reported adjusted earnings per share (EPS) of $0.09, significantly beating the estimated loss of $0.14. Net sales for the quarter came in at $4.71 billion, surpassing the consensus estimate of $4.62 billion. Comparable sales also showed strong growth, rising 2.5% on an owned basis and 3.2% on an owned plus licensed plus marketplace (O+L+M) basis.
While the company's full-year adjusted EPS outlook of $2.00-$2.20 fell short of the $2.37 estimate, traders appeared to focus on the robust Q3 performance, driving the stock higher.
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