Macy’s Inc. stock M soared 14.8% in premarket trade Thursday, after the department store chain beat estimates for the fourth quarter and offered upbeat guidance for fiscal 2023. The company posted net income of $508 million, or $1.83 a share, for the quarter to Jan. 28,down from $742 million, or $2.44 a share, in the year -earlier period. Adjusted per-share earnings came to $1.88, ahead of the $1.58 FactSet consensus. Sales fell to $8.264 billion from $8.665 billion, also ahead of the $8.234 billion FactSet consensus. Same-store sales at owned store fell 3.3% and fell 2.7% at owned plus licensed stores, but were up 3.1% and 3.3% versus 2019, before the start of the pandemic. Gross margin fell to 34.1% from 36.5% a year ago. Macy’s is now expecting fiscal 2023 adj. EPS of $3.67 to $4.11 and sales of $23.7 billion to $24.2 billion. The FactSet consensus is for EPS of $3.78 and sales of $24.2 billion. The stock has fallen 22% in the last 12 months ,while the S&P 500 SPXhas fallen 10%.
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