Macy’s, Inc. (NYSE:M) released its earnings report for the three months through November 2 this morning before the market opened on Wall Street. The company showed earnings per share of 47 cents for the third quarter of the year on revenue totaling $6.28 billion. On this morning’s pre-market shares in the company trended strongly upward.
In the run up to the release of this morning’s report analysts surveyed by Thompson Reuters were looking for earnings of 39 cents per share for the third quarter. Revenue for the period was expected to come in at $6.19 billion. The retailer managed to perform quite well in the third quarter despite worries about the consumer economy during the period.
The strong reaction to this morning’s earnings at Macy’s are the result of anxiety stemming from the company’s last earnings report. In the second quarter Macy’s, Inc. (NYSE:M) missed the expectations of analysts for the first time in more than five years. Today’s beat of the expectations of the Street show that the company is not planning on turning that miss into a string of disappointing results.
Macy’s, Inc. (NYSE:M) showed earnings of 36 cents per share in the same three months of 2012. As the company heads into the fourth quarter, which is by far the most important for retailers, investors appear to positive about the company’s prospects. This morning’s earnings show that the company is back on track, though there are risks heading into the last quarter of the year.
Macy’s, Inc. (NYSE:M) shares have underperformed the wider market. The company’s stock suffered during the Taper Talk period after hitting a high of more than $50 in early July, and has slumped through the second half of the year. This morning’s leap in value will give some relief to those holding the shares for the past few months, but it has not yet managed to hit the highs of July.
Executives from Macy’s, Inc. (NYSE:M) will host an earnings conference call in order to discuss this morning’s numbers at 10:30 AM EST. The company’s investors will be anxious to find out the company’s hopes for the fourth quarter, including its efforts to drive sales over the all important Black Friday weekend.