Macy's beats expectations, raises guidance and announces new share repurchase program

Macy's Inc. M, -1.09% shares jumped 3.2% successful Thursday premarket trading aft the section store retailer reported second-quarter net that bushed expectations and raised its full-year guidance. Net income totaled $345 million, oregon $1.08 per share, aft a nonaccomplishment of $431 million, oregon $1.39 per share. Adjusted EPS of $1.29 blew past the FactSet statement for 23 cents. Sales of $5.647 cardinal were up from $3.559 cardinal and besides bushed the FactSet statement for $5.011 billion. Comparable income connected an owned bases soared 61.2%, and grew 62.2% connected an owned-plus-licensed basis. "Our momentum successful the archetypal 4th accelerated successful the 2nd 4th arsenic we successfully reengaged halfway customers and attracted new, younger customers with caller brands and categories," said Jeff Gennette, main enforcement of Macy's, successful a statement. Macy's is reinstating its dividend, declaring a quarterly dividend of 15 cents payable connected October 1 to shareholders of grounds astatine the adjacent of concern connected September 15. And the committee has approved a stock buyback programme of $500 million. For full-year 2021, Macy's raised its income guidance to $23.55 cardinal to $23.95 cardinal from $21.73 cardinal to $22.23 cardinal and raised its adjusted EPS forecast to $3.41 to $3.75 from $1.71 to $2.12. The FactSet statement is for income of $22.090 cardinal and EPS of $2.32. Macy's banal has rallied 60.6% for the twelvemonth to day portion the benchmark S&P 500 scale SPX, -1.07% is up 17.2% for the period.