Macy’s same-store sales tops expectations; shares rise 7%

1 week ago DieselGasoil Comments Off on Macy’s same-store sales tops expectations; shares rise 7%
Macy's same-store sales tops expectations; shares rise 7%

FILE PHOTO: A customer exits after shopping at a Macy’s store in the Brooklyn borough of New York, U.S., May 11, 2017. REUTERS/Brendan McDermid/File Photo

(Reuters) – Macy’s Inc topped Wall Street estimates for quarterly same-store sales on Wednesday, benefiting from increased digital sales and higher demand for discounted luxury items sold at its off-price stores, sending its shares up 7%.

Sales at Macy’s stores open more than 12 months, including sales in department stores licensed to third parties, rose 0.7%, above the average analyst estimate of a 0.3% rise, according to research firm Consensus Metrix.

Net sales fell to $5.50 billion in the first quarter ended May 4, roughly in line with analysts expectations, according to IBES data from Refinitiv.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur