Department store chain reports impressive Q3 results
- Macy’s stock shoots up 8.3% after big earnings beat
- Full-year outlook nudged up
- Net income for Q3 fell to $43 million
- Adjusted earnings per share of 21 cents beat expectations
- Sales fell 7.1% but still topped expectations
- Gross margin improved to 40.3%
- Merchandise inventories fell 5.9%
- Adjusted EPS guidance for fiscal 2023 raised
Shares of Macy’s Inc. surged 8.3% in premarket trading after the company reported better-than-expected earnings for the fiscal third quarter. Despite a decline in net income, Macy’s managed to beat expectations with adjusted earnings per share of 21 cents. Sales also fell, but still exceeded forecasts. The company saw improvements in gross margin and a decrease in merchandise inventories. Additionally, Macy’s raised its adjusted EPS guidance for fiscal 2023. Overall, the department store chain’s strong performance has led to a significant increase in its stock price.
Factuality Level: 8
Factuality Justification: The article provides specific financial information about Macy’s third-quarter performance, including net income, adjusted earnings per share, sales, same-store sales, gross margin, and merchandise inventories. The information is sourced from Macy’s financial report and FactSet consensus. The article does not contain any irrelevant or misleading information, sensationalism, redundancy, or opinion masquerading as fact. It presents the information objectively and accurately.
Noise Level: 7
Noise Justification: The article provides relevant information about Macy’s Inc.’s financial performance in the third quarter and its revised outlook for the full year. However, it lacks analysis of long-term trends or antifragility. It also does not hold powerful people accountable or explore the consequences of decisions. The article stays on topic and supports its claims with data and examples. It does not provide actionable insights or solutions.
Financial Relevance: Yes
Financial Markets Impacted: Shares of Macy’s Inc.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to the financial performance of Macy’s Inc., reporting its fiscal third-quarter profit beat and revised full-year outlook. There is no mention of any extreme event.
Public Companies: Macy’s Inc. (M)
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