Macy's stock pops as inventory, margin improvement help profit beat estimates
Publishing timestamp: 2023-11-16 11:51:21
Summary
Macy's reported better-than-expected profits for the third quarter, driven by improvements in inventory and margins. Despite a decline in sales, the company's CEO expressed optimism about the upcoming holiday season, citing steady business in key categories and favorable factors such as flat inventory levels and cooler temperatures. Macy's also adjusted its full-year guidance, raising the low end of its sales range and narrowing its EPS range. The company has been focusing on new growth drivers, including opening smaller stores and refreshing its private brands. Macy's stock rose over 6% following the earnings report.
Sentiment: POSITIVE
Tickers: M,
Keywords: macy's inc, retail industry, earnings, breaking news: business, breaking news: earnings, business, business news,
Source: https://www.cnbc.com/2023/11/16/macys-m-earnings-q3-2023.html