(CercleFinance.com) – The American department store chain Macy’s raised its annual profit target on Thursday following a ‘solid’ first quarter, marked by results that exceeded its expectations.
The brand – which notably owns the Bloomingdale brand – now says it expects adjusted profit of between $4.53 and $4.95 in its fiscal year 2022, compared to a previous range of $4.13 to $4.52. .
In its first quarter, which ended at the end of April, net profit rose to 286 million dollars, against 203 million dollars a year earlier.
Reduced per share, it stands at 98 cents, while the consensus was only 82 cents per title.
Its quarterly sales meanwhile totaled $5.35 billion, down from $4.70 billion a year earlier, slightly better than analysts’ expectations.
On a like-for-like basis, sales at Macy’s stores and licensed partners increased 12.4%.
Although macroeconomic pressures intensified during the quarter, Macy’s noted that its customers continued to shop, especially in stores and at specific events.
The group also reports continued strong sales in luxury goods.
Following these announcements, the title, which has lost nearly 27% since the start of the year, climbed more than 14% in pre-market trading on Wall Street.
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