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Macy's Boosts FY21 Outlook As Q3 Results Top Estimates - Quick Facts

Omni-channel fashion retailer Macy's, Inc. (M) reported Wednesday a third-quarter net income of $239 million or $0.76 per share, compared to a net loss of $91 million or $0.29 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $386 million or $1.23 per share, compared to adjusted net loss of $60 million or 0.19 per share in the year-ago quarter.

Net sales for the quarter surged to $5.44 billion from $3.99 billion in the same quarter last year. Comparable sales were up 37.2 percent on an owned basis and up 35.6 percent on an owned-plus-licensed basis. Digital sales increased 19 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share on net sales of $5.20 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2021, the company now projects adjusted earnings in a range of $4.57 to $4.76 per share on net sales between $24.12 billion and $24.28 billion.

Previously, the company expected adjusted earnings in the range of $3.41 to $3.75 per share on net sales between $23.55 billion and $23.95 billion.

The Street is looking for earnings of $3.89 per share on net sales of $23.78 billion for the year.

For the fourth quarter, the company said comparable sales on an owned-plus-licensed basis versus 2019 are expected to increase between 2 and 4 percent.

The company also announced plans to launch a curated digital marketplace platform that will further fuel customer acquisition and sales growth across all of its channels.

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