The American department store, that engages in the retail of apparel, cosmetics, accessories, and various consumer goods, reported its 2021 first quarter figures
Revenue wise, Macy’s topped the $4.37
billion expected, with figures coming in at $4.71 billion, and beating last year’s
numbers of $3.02 billion. Moreover, the market was looking for a loss-per-share
of 41 cents, but the actual figures came in at 39 cents adjusted.
According to Macy’s, sales were driven by the addition of
new shoppers. In the quarter, the company added 4.6 million customers, marking
a 23% increase from the same time in 2019. At the same time, digital sales
climbed 34% year-over-year.
For the future, Macy’s called for net sales between $2173
billion - $22.23 billion, from a previous range of $19.75 billion - $20.75
billion. The US company plans to develop its online business and grow its
online sales to $10 billion by 2023.
After the news hit the wires, Macy’s stock price gained
almost 2%. Its stock went up more than 70% year-to-date, pushing its market cap
to $6 billion.
Source: cnbc.com
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