US Department Store Chain Macy's Sees Income Doubling Annually

American department store chain Macy's saw its income more than double annually, according to its financial results statement released Thursday.

The company had a net income of $286 million during the 13 weeks ending April 30 this year, the statement showed.

The figure is up 177.7% from $130 million during the 13 weeks ending May 1, 2021, it added.

The firm's net sales rose 13.6% to $5.35 billion, from $4.71 billion, during that period.

It said it expects the net sales to total $24.46 billion to $24.700 billion for this year.

Macy's saw its stock price surging more than 14% to $22.04 per share in pre-market hours, after closing the previous session at $19.21 a share on the New York Stock Exchange. -