Why Macy's Stock Jumped Today
Shares of Macy's (NYSE: M) surged 19% on Thursday after the department-store chain delivered surprisingly strong earnings and boosted its full-year profit forecast.
Macy's revenue grew by 13.6% year over year to $5.3 billion in its fiscal first quarter, which ended on April 30. The gains were fueled by a 12.4% jump in the retailer's comparable-store sales.
Macy's said its customers bought fancier clothes as they returned to work and attended more social events. Women's dresses and men's suits were particularly strong sellers.
Source Fool.com
