Macy's stocks its shelves and swings to third quarter profit
ABC News
Macy’s swung to a profit in the third quarter and sales surged 36% as shoppers begin to buy dresses, luggage and other goods that fell to the bottom of the shopping list last year when the pandemic struck
NEW YORK -- Macy's swung to a profit in the third quarter and sales surged 36% as shoppers begin to buy dresses, luggage and other goods that fell to the bottom of the shopping list last year when the pandemic struck.
Macy's joins a slew of other retailers posting strong sales as they overcome surging costs and snarled supply chains ahead of the holiday shopping season.
The department earned $239 million, or 76 cents per share, for the three-month period ended Oct. 30. Adjusted earnings was $1.23 per share, easily topping Wall Street per-share projections of 31 cents, according to a survey by FactSet.
The company lost $91 million last year during the same period.
