M - Why Department Store Major Macy's Shares Are Shooting Higher Today | Benzinga
Department store chain Macy's Inc (NYSE: M) shares are surging today after it reported third-quarter FY23 earnings.
The company reported a third-quarter FY23 sales decline of 7% year-on-year to $4.86 billion, beating the analyst consensus estimate of $4.79 billion.
Brick-and-mortar sales decreased 7%, and Digital sales dropped 7% Y/Y.
Comparable sales decreased 7% on an owned basis and down 6.3% on an owned plus licensed basis versus Q3 2022.
The operating margin was 1.7% versus 3.5% last year. Operating income for the quarter declined 55.2% to ...