Retail

Macy’s (M) Q2 2021 earnings crush estimates

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Shoppers visit Macy’s flagship store in New York, May 20, 2021.

Eduardo Munoz | Reuters

Macy’s on Thursday reported fiscal second-quarter profit and revenue that topped analyst estimates, as customers returned to its stores to buy denim, luggage and new dresses.

The department store chain also hiked its outlook for 2021, heading into the back half of the year. Despite the uncertainty from the pandemic, Macy’s said its turnaround strategy is working and drawing in new shoppers.

Macy’s shares soared 5% in premarket trading on the news.

CEO Jeff Gennette said in a news release that momentum in the first quarter continued into the second quarter, as the retailer attracted more younger customers…



Source cnbc.com

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