Department stores as a sector were fated to have an excellent Q1 in year-over-year terms, given how terrible the first period of 2020 was, with stay-at-home orders, store closures, economic turmoil and other headwinds weighing on the industry.
The company’s earnings per share of $7.25 whizzed past market expectations of $1.20, according to Telsey Advisory Group analysts led by Dana Telsey. That profit beat reflected “broad-based strength with better-than-expected topline growth, greater gross margin leverage, and tighter SG&A cost control during the period,” the analysts said in an emailed research note. Top-line sales also beat analyst consensus.
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