Macy's emerges from pandemic by swinging to surprise profit

Macy’s emerged from an unprecedented year by swinging to a profit and it upped its expectations for the year

Macy’s emerged from an unprecedented year with a surprising swing back into the profit column and it and boosted its guidance for all of 2021. Shares jumped 7% before the opening bell Tuesday. The retailer on Tuesday posted net income of $103 million after massive losses during the same period last year when stores were forced to lock their doors in an effort to halt the spread of COVID-19. On a per-share basis, the New York company's net income was 32 cents, or 39 cents if one-time charges are removed. Earnings, adjusted for one-time gains and costs, came to 39 cents per share, when Wall Street was looking for losses of about 41 cents per share, according to a survey by Zacks Investment Research.