Macy's Q2 profits and revenue surpass estimates, hikes FY outlook

US retailer Macy's posted second-quarter profits and revenues on Thursday that topped expectations on the Street, with the group also moving to hike its outlook for 2021.

Macy's reported a quarterly earnings per share of $1.29 each, well and truly ahead of the $0.19 expected, while revenues also beat expectations for a print of $5.01bn at $5.65bn.

Net income for the three months ended 31 July came to $345.0m, compared to a net loss of $431.0m at the same time a year earlier.

Macy's raised its full-year outlook for net sales to between $23.55bn and $23.95bn, up from its prior guidance of $21.73bn-22.23bn, while full-year earnings per share estimates were hiked from $1.71-2.12 to $3.41-3.75 each.

The company reinstated its regular quarterly dividend of $0.15 per share of common stock, payable on 1 October, and also authorised a $500.0m share repurchase programme.

As of 1300 BST, Macy's shares were up 5.81% in pre-market at $19.12 each.