Shares of Macy’s (NYSE:M) spiked more than 14% in premarket trading Wednesday after the retailer posted better-than-expected second-quarter results and raised its full-year outlook.
Macy’s reported adjusted earnings of 41 cents per share on $4.81 billion in revenue for the period, while analysts surveyed by LSEG had penciled in 18 cents per share and $4.76 billion in revenue.
For the full year, the company now anticipates between $1.70 and $2.05 in adjusted earnings per share and revenue of $21.15 billion to $21.45 billion.
That’s up from its prior guidance of between $1.60 and $2 per share and revenue of $21 billion to $21.4 billion.
The department store chain ended the second quarter of 2025 with cash and cash equivalents of $829 million and had $2.0 billion of available borrowing capacity under its asset-based credit facility.
During July and August, the company completed a series of financing transactions to further fortify its balance sheet, increase financial flexibility and modestly reduce leverage, which resulted in a net reduction of long-term debt of approximately $340 million.
During the second quarter of 2025, the company repurchased four million of its shares for $50 million, bringing total repurchases in the first half of 2025 to 12.6 million shares for $151 million. The company had approximately $1.2 billion remaining under its $2.0 billion share repurchase authorization as of the end of the second quarter of 2025.
M shares opened Wednesday up $2.81, or 20.8%, to $16.31.
