Macy’s Stock Higher As Q2 Profit Beat Offsets Muted Retail Outlook

Macy’s (m) shares rose Tuesday after the retailer delivered better-than-expected second-quarter results, while slashing its full-year earnings forecast amid the extensive impact of inflation on domestic discretionary spending.

Macy’s said adjusted earnings for the three months ended April, the group’s fiscal second quarter, came in at $1.00 per share, more than 22% lower than the same period last year but well above Street’s consensus forecast. of 85 cents share. The group’s net sales, Macy’s said, fell 0.8% to $5.6 billion, just above analysts’ estimates of a total of $5.49 billion, while same-store sales rose 1.5 billion dollars. % decreased.

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