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The
New York-based retailer's shares, up 70% so far this year,
gained about 6% before the opening bell after it reported a
surprise first-quarter profit and its comparable sales beat Wall
Street estimates.
The department store chain, which also owns Bloomingdale's and
beauty store chain Bluemercury, is benefiting from easing
restrictions, relief checks and a return to normalcy as people
attend events and get back to offices after a year of staying at
home.
"We are seeing promising signs that our core customers are
shopping again, and we continue to attract new customers," Chief
Executive Officer Jeff Gennette said.
People are shopping for fine jewelry and watches, fragrance and
luxury items, and "special occasion categories" have seen an
improvement as customers return to a pre-pandemic lifestyles,
Gennette said.
Macy's is placing its bets on big investments in new stores and
technology to draw customers at a time when more people are
shopping online.
The company forecast adjusted earnings per share between $1.71
and $2.12 for 2021, compared with its earlier outlook of 40
cents to 90 cents.
It expects sales between $21.73 billion and $22.23 billion, much
higher than the $19.75 billion to $20.75 billion range it
forecast earlier.
For the first quarter, sales at owned and licensed stores that
have been open for at least an year surged 63.9% in the first
quarter, and were better than estimates of 48.1% growth,
according to IBES data from Refinitiv.
On an adjusted basis, it earned 39 cents per share, compared
with a loss of 41 cents forecast by analysts.
(Reporting by Nivedita Balu in Bengaluru;Editing by Vinay
Dwivedi)
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