Macy's stock jumps 17% on strong quarterly report

26.05.2022

Тестерман Павел

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Macy's M $22.12 +23,16% Buy Target TGT$159.15 +2,54% Buy Walmart WMT$125.28 +0,92% Buy

Shares of US retail chain Macy's soared 17.65% to $22.6 per share. As of 17:39, the paper is trading at $22.07. This is evidenced by trading data on the New York Stock Exchange.

Quotes began to rise after the publication of a report for the first quarter of 2022, the results of which exceeded analysts' expectations. The company's net income almost tripled and amounted to $286 million against $103 a year earlier. Net income rose to $5.35 billion from an expected $5.33 billion, with adjusted earnings per share of $1.08 vs. $0.82 expected. Net sales of Macy's increased by 13.64% to $5.35 billion. As part of the buyback program, the company managed to buy back shares for a total of $600 million.

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Macy's stock jumps 17% on strong quarterly report

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