- Macy’s (NYSE:M) stock is up after releasing Q1 results.
- This saw it beat out adjusted EPS and revenue estimates.
- It also increased its earnings outlook for 2022.
Macy’s (NYSE:M) stock is rising higher on Thursday as investors react to a positive earnings report for the first quarter of 2022.
The good news starts with the retail company’s adjusted earnings per share of $1.08. That’s well above the 82 cents per share that Wall Street was expecting for the period. It’s also a massive increase over the 39 cents per share reported during the same time last year.
Another highlight from Macy’s earnings report is the company’s revenue of $5.35 billion. Yet again, this beats out analysts’ revenue estimate of $5.33 billion for the quarter. That represents a nearly 14% increase from the $4.71 billion reported in the first quarter of 2021.
The boons for M stock keep coming as the retailer increased its outlook for 2022. That has it expecting adjusted EPS between $4.53 and $4.95, as compared to the previous outlook range of $4.13 to $4.52. This has it well on its way to beating out Wall Street’s adjusted EPS estimate of $4.34 for the year.
Jeff Gennette, chairman and CEO of Macy’s, said the following in the earnings report boosting M stock higher today.
“While macroeconomic pressures on consumer spending increased during the quarter, our customers continued to shop. We saw a notable shift back to occasion-based apparel and in-store shopping, as well as continued strength in sales of luxury goods.”
Heavy trading follows M stock today with some 21 million shares on the move. That’s almost double the retail company’s daily average trading volume of 13.4 million.
M stock is up 14.7% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
