11/18/2021, 12:56 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's Q3 net sales up 36% to $5.4 billion

Macy's Inc. unveiled on Thursday that its net sales for the third quarter of the fiscal year rose 36% when compared to the same period last year to stand at $5.4 billion.

At the same time, the company reported its operating and net income went from losses last year of $127 million and $91 million to this year's respective gains of $523 million and $239 million. The retailer's diluted earnings per share climbed to $0.76.

Macy's CEO Jeff Gennette commented on the results: "The results were driven by the effective execution of the Polaris strategy and an improved economic environment. In the quarter, the Macy’s brand added 4.4 million new customers. Consumers continue to spend, and we successfully offered a wide range of expanding merchandise assortment to meet their growing demand."

Macy's shares climbed 5.45% in premarket trading following the release of the report.

Baha Breaking News (BBN) / OL