Shares of Macy's Inc. M, +0.57% shot up 8.4% in premarket trading Wednesday, after the department store chain reported a fiscal second-quarter loss that was much narrower than expected as net sales topped forecasts. The company swung to a net loss for the quarter to Aug. 1 of $431 million, or $1.39 a share, from net income of $86 million, or 28 cents a share, in the year-ago period.
7% compared with expectations of an 18.6% decline. Digital sales increased 53%, and penetrated 54% of same-store sales."Macy's, Inc. performance for the quarter was stronger than anticipated across all three brands: Macy's, Bloomingdale's and Bluemercury, driven largely by the sales recovery of our stores," said Chief Executive Jeff Gennette. Inventory declined 29%. Macy's did not provide financial guidance given the uncertainties related to the COVID-19 pandemic.
To told you the truth,I like shopping in Macy’s,really hope it’s better and better.