{"id":85278,"date":"2023-11-16T10:15:31","date_gmt":"2023-11-16T15:15:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/macys-stock-rises-as-earnings-top-estimates-and-inventory-improves\/"},"modified":"2023-11-16T10:15:33","modified_gmt":"2023-11-16T15:15:33","slug":"macys-stock-rises-as-earnings-top-estimates-and-inventory-improves","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85278","title":{"rendered":"Macy&#8217;s Stock Rises as Earnings Top Estimates and Inventory Improves"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000801670\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Macy\u2019s<br \/>\n       stock was rising Thursday after the retailer reported third-quarter adjusted earnings and sales that beat Wall Street estimates.<\/p>\n<p>\n        Macy\u2019s<br \/>\n       (ticker: M) reported third-quarter adjusted earnings of 21 cents a share on sales of $4.86 billion. Analysts surveyed by FactSet were expecting no earnings on sales of $4.78 billion.<\/p>\n<div class=\"paywall\">\n<p>In the same period last year, the company posted earnings of 52 cents a share on revenue of $5.23 billion.<\/p>\n<p>\u201cWe delivered better-than-expected top- and bottom-line third-quarter results and are entering the holiday period in a healthy inventory position,\u201d Chief Executive Tony Spring said in the earnings release. Macy\u2019s merchandise inventory was down 6% from the prior year.<\/p>\n<p>Margins also improved from the prior year due to lower permanent markdowns in the Macy\u2019s brand and a decline in costs, the company said.<\/p>\n<p>Macy\u2019s adjusted its outlook for fiscal 2023, and said the fresh guidance reflects the risks associated with an uncertain economic environment and the related pressures on consumers.<\/p>\n<p>Earnings for fiscal 2023 are expected at between $2.88 to $3.13 a share, which is a change from previous guidance of $2.70 to $3.20 a share. Sales of $22.9 billion to $23.2 billion are expected, compared with prior estimates of $22.8 billon to 23.2 billion.<\/p>\n<p>Shares of Macy\u2019s were climbing 10% in premarket trading Thursday to $13.92. Coming into the session, the stock has fallen 29% this year. <\/p>\n<p>\n        Nordstrom<br \/>\n       (JWN) was up 1.1% in the premarket session while<br \/>\n        Kohl\u2019s<br \/>\n       (KSS) gained 1.5%.<\/p>\n<p>\n        S&amp;P 500<br \/>\n       futures were down 0.2%, and<br \/>\n        Dow Jones Industrial Average<br \/>\n       futures slipped 0.3% early Thursday.<\/p>\n<p>Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/macys-stock-earnings-255bbb07?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macy\u2019s stock was rising Thursday after the retailer reported third-quarter adjusted earnings and sales that beat Wall Street estimates. Macy\u2019s (ticker: M) reported third-quarter adjusted earnings of 21 cents a share on sales of $4.86 billion. Analysts surveyed by FactSet were expecting no earnings on sales of $4.78 billion. In the same period last year, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-85278","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Macy&#039;s Stock Rises as Earnings Top Estimates and Inventory Improves | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Macy\u2019s stock was rising Thursday after the retailer reported third-quarter adjusted earnings and sales that beat Wall Street estimates. 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