The Clap
Macy’s (NYSE: M) topped recorded an EPS of 52 cents, beating analysts’ expectations of 19 cents.
What
Despite increasing inflation, high-end clothing and beauty products demand remained stable, driving Macy’s to increase its annual forecast.
Discounts and promotions helped clear out the company’s excess inventories, which grew just 4%, significantly less than rival companies.
So What
The earnings drove the stock up by around 15%, after previously dropping falling Target’s lackluster earnings.
Now What
The company will look to offer more promotions during the upcoming holiday season, as consumers opt to wait for a potential discount.
