Macy’s exceeded profit and sales forecasts, leading to a nearly 20% jump in shares. The company reported second-quarter adjusted earnings per share of $0.41, double what analysts expected, with revenue hitting $5.0 billion. Comparable sales rose 0.8%, defying estimates of a 0.3% decline. Macy’s slashed selling, general, and administrative expenses by $29 million, boosting its outlook. CEO Tony Spring credited the performance to the company’s multi-brand, multi-category approach. Macy’s now expects full-year adjusted EPS of $1.70 to $2.05 and sales of $21.15 billion to $21.45 billion. Despite gains, shares remain over 5% lower year-to-date.

Read more at Yahoo Finance: Macy’s Stock Soars as ‘Omni-Channel’ Retailer’s Comparable Sales Unexpectedly Rise