<p>Macy’s emerged from an unprecedented year with a surprising swing back into the profit column and it and boosted its guidance for all of 2021. </p>
<p>Shares jumped 7% before the opening bell Tuesday. </p>
<p>The retailer on Tuesday posted net income of $103 million after massive losses during the same period last year when stores were forced to lock their doors in an effort to halt the spread of COVID-19. </p>
<p>On a per-share basis, the New York company’s net income was 32 cents, or 39 cents if one-time charges are removed. Earnings, adjusted for one-time gains and costs, came to 39 cents per share, when Wall Street was looking for losses of about 41 cents per share, according to a survey by Zacks Investment Research.</p>
<p>Revenue of $4.71 billion also exceeded analyst projections.</p>
<p>Macy’s expects full-year revenue in the range of $21.73 billion to $22.23 billion, up from its previous projections of $19.75 billion to $20.75 billion.</p>
<p>Macy’s has pushed much of its sales online and expects digital sales to reach $10 billion within the next three years, but noted that online sales are two to three times higher in markets where Macy’s stores exist. </p>
<p>During the pandemic, the company pared back inventory and closed some stores. It also launched curbside pickup last year and is expanding its off-price concept BackStage.</p>