Macy’s, Inc. (NYSE: M) reported third quarter 2022 earnings results today.
Net sales decreased 3.9% year-over-year to $5.23 billion.
Comparable sales were down 3.1% on an owned basis and down 2.7% on an owned-plus-licensed basis compared to last year.
Net income was $108 million, or $0.39 per share, compared to $239 million, or $0.76 per share, last year. Adjusted EPS was $0.52.
Both revenue and earnings surpassed expectations.
The company reaffirmed its sales guidance and raised its EPS guidance for FY2022. Sales are expected to be $24.3-24.5 billion. EPS is now expected to be $4.07-4.27 versus its prior outlook of $4.00-4.20.
The quarterly results beat and the guidance hike helped the stock gain over 7% in premarket trade.