Why Macy's Popped 27.3% This Week
Shares of department store owner Macy's (NYSE: M) popped 27.3% this week, according to S&P Global Market Intelligence. The retailer posted solid first-quarter results that were above analyst expectations and reiterated its full-year guidance. At one point, the stock was up 30% this week.
On May 26, Macy's reported its quarterly earnings for the first three months of 2022. Revenue was $5.35 billion in the period, up from $4.71 billion a year ago, driven by comparable-store sales of 12.8%. Adjusted earnings per share (EPS) was $1.08, up from $0.39 a year ago. Both numbers beat analyst expectations going into the results, which is why Macy's stock popped the day of the release.
Image source: Getty Images.
Source Fool.com
