Macy’s, Inc. has reported promising financial results for the third quarter of 2021, noting that earnings and net sales exceed expectations.
“Our company delivered another strong quarter and exceeded our expectations on both top and bottom lines. The results were driven by the effective execution of the Polaris strategy and an improved economic environment. In the quarter, the Macy’s brand added 4.4 million new customers. Consumers continue to spend, and we successfully offered a wide range of expanding merchandise assortment to meet their growing demand,” said Jeff Gennette, Chief Executive Officer of Macy’s, Inc. “Looking ahead to the fourth quarter, we remain a special place for holiday shopping, and our robust omnichannel ecosystem is showing resilience in the face of labor and supply chain challenges and enables us to meet customer shopping needs with speed and convenience.”
Third Quarter Highlights:
In addition to prior year comparisons, Macy’s, Inc. is providing comparisons to 2019 to benchmark its performance given the impact of the pandemic last year.
- Diluted earnings per share of $0.76 and Adjusted diluted earnings per share of $1.23 both exceeded expectations for the quarter.
- This compares to a diluted loss per share of $(0.29) and an Adjusted diluted loss per share of $(0.19) in third quarter 2020.
- This compares to diluted earnings per share of $0.01 and Adjusted diluted earnings per share of $0.07 in third quarter 2019.
- In the third quarter 2021, Adjusted diluted earnings per share excludes the charges related to the recognition of fees associated with the early retirement of debt.
- Comparable sales up 37.2% on an owned basis and up 35.6% on an owned-plus-licensed basis versus 2020; up 8.9% and up 8.7%, respectively, versus 2019.
- On a comparable owned-plus-licensed basis, the third quarter 2021 includes a 200-basis point benefit resulting from the shift of the Friends and Family promotional event into the third quarter from the fourth quarter as compared to 2019.
“We are encouraged by the momentum of our business and its strong financial health and continue to invest in positioning our company for long-term sustainable and profitable growth,” Gennette added.
Source: Macy’s Press Release
Photo Credit: Macy’s Media Assets