Macy's raises FY earnings guidance after Q3 results beat expectations

Retailer Macy's raised full-year earnings guidance on Thursday after its third-quarter results came in ahead of Wall Street expectations.

Macy's said third-quarter revenues came to $5.23bn, slightly ahead of the $5.2bn expected by analysts, while earnings per share smashed expectations for a print of $0.19 per share at $0.52.

Net income fell to $108.0m in the three months ended 29 October, down from $239.0m at the same time a year earlier, while same-store sales on an owned plus licensed basis fell 2.7% year-on-year but remained above 2019 levels.

Heading into the all-important holiday trading season, Macy's, which cut its full-year revenue and earnings per share forecast back in August, stood by its revenue guidance, stating it still expects FY revenues to be between $24.34bn and $24.58bn.

However, Macy's did raise its annual adjusted earnings per share forecasts to $4.07-4.27 per share, up from its previous range of $4.00-4.20.

As of 1400 GMT, Macy's shares were up 7.46% in pre-market trading at $21.18 each.

Reporting by Iain Gilbert at Sharecast.com