5/26/2022, 12:57 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's Q1 EPS more than triples to $0.98

Macy's stated on Thursday that its diluted earnings per share for the first quarter of fiscal 2022 stood at $0.98, up over 200% compared to the same time frame the year prior.

Net sales in the first trimester were $5.35 billion, marking a 14% increase year-on-year and net income for the first fiscal three-month period of 2022 grew 178% on an annual basis to $286 million.

"Despite the uncertainty within the macroeconomic environment, the company is reaffirming its annual 2022 sales guidance and raising its earnings guidance to account for first quarter 2022 share repurchases as well as improved expectations for credit card revenue," Macy's said in the report.

Its stock soared 15.04% in the premarket after the document was released.

Baha Breaking News (BBN) / MS