Macy's is a leading retail company that operates a chain of department stores across the United States, offering a wide variety of products including clothing, accessories, home goods, and beauty products
The company is known for its extensive selection of both national and private label brands, catering to diverse customer preferences. Macy's emphasizes customer experience through in-store shopping, online retail services, and various promotional events. With a legacy of innovation in retailing, it also engages in various community and cultural initiatives, further enhancing its brand presence and commitment to social responsibility.
Shares of department store chain Macy’s (NYSEM)
fell 7.3% in the afternoon session after the company disclosed disappointing preliminary fourth-quarter results, projecting sales to fall just below the lower end of its earlier forecast of $7.8 billion to $8.0 billion. Notably, same-store sales are expected to remain flat compared to the previous year. In addition, earnings are expected to remain within the previous range of $1.40 to $1.65. Overall, the results were underwhelming, given the some high expectations for holiday season spending. However, Macy's wasn't the only one to report weak holiday demand, as Five Below and Abercrombie & Fitch also didn't see the success that the market expected.
Macy's updates its fiscal Q4 guidance, revealing strong growth in its First 50 stores and luxury segments, while non-First 50 locations underperformed. The company sees net sales near the lower end of $7.8 billion to $8.0 billion.
Macy's revealed plans to close 66 stores as part of its "Bold New Chapter" strategy. The company aims to eliminate underperforming locations and focus on its successful stores.
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Macy's Inc (NYSEM) reported third-quarter financial results on Wednesday. Analysts are largely encouraged by the company's progress, but remain cautious due to margin pressures.
Shares of department store chain Macy’s (NYSEM)
fell 11.1% in the morning session after the company reported underwhelming third-quarter results. Its full-year gross margin, EBITDA margin, and EPS guidance were all lowered, with EPS guidance missing significantly. Lower gross margin expectations could be a signal that the company is facing more competition, discounting more of its products to move it, or is experiencing higher rates from suppliers.
Department store chain Macy’s (NYSEM) reported Q3 CY2024 results topping the market’s revenue expectations, but sales fell by 2.7% year on year to $4.90 billion. The company’s full-year revenue guidance of $22.4 billion at the midpoint came in 1.2% above analysts’ estimates. Its non-GAAP profit of $0.04 per share was $0.01 above analysts’ consensus estimates.
