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Macy's Stock Surges 21% After Another Huge Earnings Beat

TheMotleyFool

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Macy's Stock Surges 21% After Another Huge Earnings Beat

Macy's (NYSE: M) has made a remarkable comeback in 2021 after investors left the iconic retailer for dead last year. Sales have recovered and then rocketed beyond pre-pandemic levels. Meanwhile, profitability has improved dramatically, driving earnings to record levels.

On Thursday, the department-store giant reported that its strong momentum continued in the third quarter. It also confirmed that it's studying the possibility of spinning off its digital operations to capitalize on sky-high valuations for e-commerce businesses. As a result, Macy's stock jumped 21% after the earnings report, reaching a multiyear high.