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Macy's Q2 Results Stronger Than Anticipated; Shares Rise

Macy's, Inc. (M) reported a second quarter adjusted loss per share of $0.81 compared to profit of $0.28, previous year. On average, 14 analysts polled by Thomson Reuters expected the company to report a loss per share of $1.77, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net sales were $3.56 billion compared to $5.55 billion, previous year. Analysts expected revenue of $3.47 billion, for the quarter. Comparable sales were down 34.7% on an owned basis and down 35.1% on an owned plus licensed basis. Digital sales rose 53% from a year ago.

"Macy's performance for the quarter was stronger than anticipated across all three brands: Macy's, Bloomingdale's and Bluemercury, driven largely by the sales recovery of our stores. Restarting our stores' business was our top priority, and we successfully accomplished that while also ensuring that our digital business remained strong," said Jeff Gennette, CEO.

Macy's previously withdrew its 2020 sales and earnings guidance and the company is not currently providing an updated outlook.

Shares of Macy's were up 5% in pre-market trade on Wednesday.

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