Shoppers enter a Macy’s department store at Miami International Mall in Doral, Fla., on Feb. 22, 2021. Wilfredo Lee/AP Photo
Beleaguered retailer Macy’s stock rose roughly 20 percent on Sept. 3 on the strength of a quarterly earnings report that highlighted the company’s first increase in comparable sales in more than three years.
Macy’s net sales of $4.8 billion in the second quarter topped the company’s guidance of $4.7 billion. Comparable sales—revenue from stores open at least one year—rose 0.8 percent year over year on an owned basis, beating FactSet’s estimate for a 0.5 percent decline, and marked the first positive result since the first fiscal quarter of 2022, according to FactSet.
