Benzinga | Nov 18, 2021 10:15AM EST

Why Macy's Shares Are Rising

Macy's Inc (NYSE:M) shares are trading higher after the company reported third-quarter EPS results were higher year over year and better-than-expected third-quarter sales results. The company also raised FY21 guidance.

Macy's reported quarterly earnings of $1.23 per share and quarterly sales of $5.44 billion. This sales figure beat the analyst consensus estimate of $5.20 billion by 5% percent. This is a 36% increase over sales of $3.99 billion the same period last year.

"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," said Jeff Gennette, chairman and chief executive officer of Macy's, Inc.

"Today, we are announcing plans to launch a curated digital marketplace platform that will further fuel customer acquisition and sales growth across all of our channels," Gennette stated.

Macy's has a 52-week high of $36.53 and a 52-week low of $8.06.