Today news
About the same in other media
Macy's shares surge on smaller-than-expected sales drop, improved margins
Reading now: 198
(Reuters) — Macy's (NYSE:M) on Thursday reported an improvement in margins and a lower-than-expected drop in quarterly sales, sending its shares 10% higher in premarket trading.
The Bloomingdale parent said its gross margins improved 160 basis points in the third quarter due to lower markdowns within the Macy’s brand, as well as easing freight charges.
The U.S. department store operator's net sales fell 7.1% to $4.86 billion in the third quarter ended Oct. 28, while analysts' had estimated a 7.9% drop to $4.82 billion, according to LSEG data.
The company logged an adjusted net income of $59 million, or 21 cents per share, from $143 million, or 52 cents per share last year.
Read more on investing.comAbout this in other media
DB Realty shares surge 3.4% on promoter stake sale, eyes debt-free status livemint.com /5 months ago
Tesla shares surge over 2% on report of possible pact with India to import EVs livemint.com /5 months ago
Olectra Greentech shares surge over 140% in 2023, will the momentum continue? livemint.com /6 months ago
Show more
The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
