Macy’s Inc. (NYSE: M) recently issued its third-quarter financial results for the fiscal year 2021. Despite the fact that the pandemic continues to exert pressure on retail, the firm was able to grow revenues in 2019 compared to the previous year. E-commerce was the key driver.
In the third quarter of 2021, the number of active Macy’s Inc. (M) consumers climbed by 28% to 4.4 million, compared to the same quarter in 2019. Although foot traffic to retailers has declined marginally, an increasing number of people are ordering things online. At the same time, purchasers in settlements with Macy’s Inc. (M) physical stores are very active.
The reality is that having a local store and being able to return items promptly encourages customers to be more active in their shopping and order more frequently. According to Macy’s, around 40% of new customers started buying online. These clients spend 19% more on digital purchases this year than they did last year.
M stock had a total sales of $5.44 billion in the third quarter. In comparison, earnings in the same period two years ago were $5.17 billion. Simultaneously, the corporation was able to reduce its administrative costs from $2.2 billion to $1.98 billion. Profits were increased as a result, as was the profit prediction for future quarters. As a result, at the end of the fiscal year 2021, this value will be between $4.57 and $4.76 per share.
Some stimulus measures have aided retail business in the United States in recent months. The pre-holiday season, which begins at the end of this week, will be connected with a sales increase in the current quarter.
The shares of Macy’s Inc. (M) fell -0.41% on Tuesday, ending at $33.63. The total number of shares traded was 11.72 million, which was lower than the previous three-month average of 17.42 million.