Macy’s Inc. (NYSE:M) shares surged 13% in premarket trading Wednesday after the department store chain reported stronger-than-expected second-quarter results and raised its full-year guidance.
Adjusted EPS was $0.41, more than double analyst estimates of $0.19. Revenue totaled $4.8 billion, beating consensus of $4.69 billion. Comparable sales rose 0.8% on an owned basis and 1.9% on an owned-plus-licensed-plus-marketplace basis, the strongest performance in three years.
Bloomingdale’s delivered its fourth consecutive quarter of growth, with comparable sales up 3.6% owned and 5.7% owned-plus-licensed-plus-marketplace. Bluemercury notched its 18th straight quarter of comparable sales gains, rising 1.2%.
Macy’s raised FY25 revenue guidance to $21.15–$21.45 billion from $21.0–$21.4 billion and lifted adjusted EPS guidance to $1.70–$2.05 from $1.60–$2.00.
The company returned $100 million to shareholders during the quarter, split evenly between dividends and share repurchases. Merchandise inventories declined 0.8% year-over-year, reflecting improved inventory management.
