Why Macy's Stock Popped This Morning
Shares of Macy's (NYSE: M) popped this morning, rising as much as 11% before giving back most of those gains, after the department store specialist reported second-quarter earnings. The stock is up less than 1% as of 3 p.m. EDT.
Q2 revenue fell by 36% to $3.56 billion as the COVID-19 pandemic wreaked havoc on retailers. That top-line result beat the consensus estimate of $3.51 billion in sales. Macy's posted an adjusted net loss of $251 million, or $0.81 per share, which was significantly better than the $1.80 per share in red ink that analysts were bracing for. Strength in digital sales, which increased 53%, helped offset the drop in physical sales.
Image source: Macy's.
Source Fool.com
