Macy’s (NYSE: M) reported first-quarter 2021 financial results before the regular market hours on Tuesday. The department store chain reported Q1 revenue of $4.71 billion, up 56% year-over-year and above the Wall Street projection. Meanwhile, the company reported net earnings of $0.39 per share, even as the street was expecting a loss.
M shares rose 4.9% immediately following the announcement. The stock has risen 71% since the beginning of this year.
CEO Jeff Gennette said, “With a healthier economy and the reopening of communities as the backdrop to the execution of our Polaris strategy, we are well positioned to deliver sustainable, profitable growth in 2021 and the years beyond.”