Macy's Crushes Earnings Expectations, Stock Surges

Macy’s
crushedearnings expectations this morning, and the stock is up big pre-market.

Q3 earnings per share came in at $US0.47 versus $US0.39 consensus.

Revenue was $US6.28 billion versus $US6.19 billion consensus.

“Both Macy’s and Bloomingdale’s performed well in the quarter, and we saw improvement in the sales trend in every region of the country,” CEO Terry Lundgren said, noting “particular strength in October.”

He also said they plan to hire 83,000 seasonal workers, compared with 80,000 last year.

Macy’s shares were up more than 6% before regular trading hours.

Comparable sales growth hit 3.5%.

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