Macy’s has raised earnings and sales estimates for the year, amusing concerns that the department store chain will be struggling with product shortages during the critical holiday season.
The company’s share rises 3% in pre-conference trading.
Following last year’s lockdown, stores have been comebacking in recent months as Americans return to offices and social events, and are willing to shop for perfumes, clothing and formal wear.
An early start to Christmas shopping by consumers worried about a poor supply during the holiday season has also boosted retail store sales.
The company stressed that it expected net sales for the whole year to reach 24.12-24.28 billion dollars, compared to a previous estimate of 23.55-23.95 billion dollars.
It also upgraded its earnings per share estimates to $ 4.57-4.76, up from a previous estimate of $ 3.41-3.75.
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Source From: Capital
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