First profitable quarter for Macy’s in a year
Strong online sales and the forecast for 2021 made Macy’s stock jump more
than 3% after it reported Q4 2020 earnings.
For the past three months, Macy’s reported an adjusted EPS
of 80 cents, ahead of the 12 cents expected. The revenue figures came in higher
than the $6.5 billion expected at $6.78 billion.
Online sales were up 21% in the quarter, with orders being
fulfilled from its stores as it wanted to cut inventory levels.
In the first half of 2021, Macy’s announced its plan to shut
down 40 stores, and by 2023 the number is expected to reach 123.
Money-wise, its sales are seen between $19.75 billion-
$20.75 billion. Analysts are calling for $20.13 billion and an adjusted EPS of
77 cents per share.
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