Macy's (M) Stock Surges 17% After Crushing Q3 and Guidance Views, Comp Sales Up 37%

Shares of Macy’s (NYSE: M) are up more than 17% today after the company delivered impressive Q3 results and outlook.

Macy's reported Q3 EPS of $1.23 to smash the analyst estimate of $0.31. Revenue for the quarter came in at $5.44 billion versus the consensus estimate of $5.2 billion.

Comparable sales were up 37.2% compared to a year ago and 8.9% versus 2019.

“Our company delivered another strong quarter and exceeded our expectations on both top and bottom lines. The results were driven by the effective execution of the Polaris strategy and an improved economic environment. In the quarter, the Macy’s brand added 4.4 million new customers. Consumers continue to spend, and we successfully offered a wide range of expanding merchandise assortment to meet their growing demand,” said Jeff Gennette, chairman and chief executive officer of Macy’s.

The company’s guidance is calling for FY21 EPS of $4.57 to $4.76, versus the consensus of $3.89. Revenues are seen between $24.12 and $24.28 billion, versus the consensus of $23.78 billion.

M also announced plans to launch a curated digital marketplace.

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