Macy's Inc (NYSE:M) is trading higher Thursday after the company announced second-quarter earnings that were higher year over year, better-than-expected quarterly revenue results and raised guidance.
Macy's reported quarterly earnings of $1.29 per share, which was up from a loss of 81 cents per share year over year. The company reported quarterly revenue of $5.65 billion, which beat the estimate of $4.98 billion.
Macy's raised its full-year 2021 earnings guidance from a range of $1.71 to $2.12 per share to a range of $3.41 to $3.75 per share. The company raised its full-year 2021 revenue guidance from a range of $21.73 billion to $22.23 billion to a range of $23.55 billion to $23.95 billion.
Macy's also reinstated its quarterly dividend of 15 cents per share and authorized a $500 million buyback.
Our momentum in the first quarter accelerated in the second quarter as we successfully reengaged core customers and attracted new, younger customers with new brands and categories,” said Jeff Gennette, chairman and CEO of Macy’s.
Price Action: Macy's has traded as high as $22.30 and as low as $5.57 over a 52-week period.
At last check Thursday, the stock was up 15.4% at $20.84.
Photo by Mike Mozart from Flickr.