Why Macy's Stock Is Rising Today
Shares of Macy's (NYSE: M) were trading higher on Thursday after the company released preliminary earnings results and updated investors on its ongoing store-reopening effort.
As of 2 p.m. EDT today, Macy's shares were up about 6% from Wednesday's closing price.
At first glance, Macy's preliminary earnings for the quarter that ended on May 2 were nothing for retail-stock investors to cheer about. The company, which has postponed its full earnings report for the quarter until July 1, said that it expects to report an operating loss between $905 million and $1.11 billion, on revenue between $3 billion and $3.03 billion. Macy's reported operating income of $203 million on revenue of $5.5 billion in the year-ago period.
Source Fool.com
