Macy’s swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials
FILE - Cars are parked in front of a Macy's store at Hawthorn Mall in Vernon Hills, Ill., June 3, 2024. Macy's swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials.
The company reported a profit of $150 million, or 53 cents per share, in the three-months ended Aug. 3, topping Wall Street expectations for per-share earnings of 30 cents, according to a survey by FactSet. It's also a rebound from the loss of $22 million, or 8 cents per share, in the same period a year ago.
Macy’s stores had a 3.6% comparable sales drop, while Bloomingdale’s had a 1.4% decline. Same-store sales at Bluemercury rose 2%.talks with two investment firms a month ago, saying the bid was inadequate and the financing was not certain. In April, Macy’s named two independent directors to its board backed by Arkhouse, ending a fight to replace most of the board and to acquire the chain.
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