RTTNews | Nov 18, 2021 08:11AM EST

08:10 Thursday, November 18, 2021 (RTTNews.com) - Shares of Macy's, Inc. (M) are up more than 11% in pre-market trade on Thursday following better-than-expected third quarter results, and improved guidance.

Net income was $239 million or $0.76 per share in the third quarter compared with net loss of $91 million or $0.29 per share in the same quarter a year ago, on improved sales particularly as the company added about 4.4 million new customers for its brand during the quarter.

Excluding one-time items, earnings were $1.23 per share, significantly higher than the average estimate of thirteen analysts polled by Thomson Reuters of $0.31 per share.

Revenue for the quarter increased to $5.44 billion from $3.99 billion last year. The consensus estimate was for $5.2 billion.

For the full year, the company has raised sales outlook to the range of $24.12 billion - $24.28 billion from $23.55 billion - $23.95 billion provided earlier.

Adjusted EPS for the full-year is expected to be in the range of $4.57 - $4.76, up from $3.41 - $3.75 guided earlier.

Analysts expect the company to report earnings of $3.89 per share on revenue of $23.78 billion for the year.

Macy's shares closed at $30.84, down $1.45 or 4.49% on Wednesday. The stock is currently at $34.25.

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