Macy's beat quarterly earnings expectations but it cut its sales forecast for the full year.
The company is trying to turn around its business as it closes about 150 namesake stores.Macy's logo is seen on a store in Manhattan, New York, United States of America, on July 5th, 2024.cut its full-year sales forecast Wednesday, as the department store operator said it is contending with selective shoppers and more promotions.
Macy's expects comparable sales, which take out the impact of store openings and closures, to range from a decrease of about 2% to a decline of about 0.5%. It had previously expected comparable sales to range from a decline of about 1% to a gain of 1.5%. That metric includes owned and licensed sales, which encompasses merchandise that Macy's owns and items from brands that pay for space within its stores, along with Macy's third-party online marketplace.
"We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing," he said. "And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago." In the three-month period that ended Aug. 3, Macy's net income was $150 million, or 53 cents per share, compared with a loss of $22 million, or 8 cents per share, in the year-ago period.. At the first 50 of its stores to get additional investment, comparable sales were up 1% on an owned-plus-licensed basis. It marked the second consecutive quarter of positive comparable sales at those stores since the plan started.
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