Macy's (M) reported earnings on Thur 18 Nov 21 (b/o)

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Macy's beats by $0.90, beats on revs; Q3 comps +37.2% vs 2020 and +8.9% vs 2019; sees Q4 comps vs 2019 +2-4%; raises FY21 guidance; Macy's brand added 4.4 mln new customers

• Reports Q3 (Oct) earnings of $1.23 per share, excluding non-recurring items, $0.90 better than the S&P Capital IQ Consensus of $0.33; revenues rose 36.3% year/year to $5.44 bln vs the $5.23 bln S&P Capital IQ Consensus.
• Comparable sales up 37.2% on an owned basis and up 35.6% on an owned-plus-licensed basis versus 2020; up 8.9% and up 8.7%, respectively, versus 2019.
• Digital sales increased 19% versus third quarter 2020 and grew 49% versus third quarter 2019. Gross margin for the quarter was 41.0%, up from 35.6% in third quarter 2020 and up 100 basis points from third quarter 2019.
• Co announced plans to launch curated digital marketplace platform.
• "Our company delivered another strong quarter and exceeded our expectations on both top and bottom lines. The results were driven by the effective execution of the Polaris strategy and an improved economic environment. In the quarter, the Macy's brand added 4.4 million new customers. Consumers continue to spend, and we successfully offered a wide range of expanding merchandise assortment to meet their growing demand," said Jeff Gennette, chairman and chief executive officer of Macy's, Inc. "Looking ahead to the fourth quarter, we remain a special place for holiday shopping, and our robust omnichannel ecosystem is showing resilience in the face of labor and supply chain challenges and enables us to meet customer shopping needs with speed and convenience."
• Co issues raised guidance for FY22, sees EPS of $4.57-4.76 from $3.41-3.75, excluding non-recurring items, vs. $3.91 S&P Capital IQ Consensus; sees FY22 revs of $24.12-24.28 bln from $23.55-23.95 bln vs. $23.88 bln S&P Capital IQ Consensus. In the fourth quarter 2021, comparable sales on an owned-plus-licensed basis versus 2019 are expected to increase between 2% and 4%. This includes an approximately 125-basis point adverse impact due to the shift of the Friends and Family promotional event from the fourth quarter into the third quarter as compared to 2019.