Macy's Q2 Profit despite sales decline, lowers 2024 sales guidance
Macy’s Inc., demonstrating strong operating discipline in a tough retail environment, turned profitable in the second quarter despite reduced sales volume.
However, net sales decreased 3.8 percent to $4.94 billion, from $5.13 billion in the year-ago period. Comparable sales were down 4 percent on an owned basis and down 3.3 percent on an owned, licensed and marketplace basis. The company updated its annual outlook to reflect a more discriminating consumer and heightened promotional environment relative to its prior expectations.Net sales for the year are now projected at $22.1 billion to $22.4 billion versus previous guidance of $22.3 billion to $22.9 billion. Comparable sales are now projected down 2 percent to 0.5 percent, versus previous guidance of down 1 percent to up 1.5 percent. The projected adjusted earnings per share for the year is unchanged at $2.
Macy’s Bold New Chapter strategy, announced in February 2024, involves closing approximately 150 underproductive locations through 2026, including about 50 by the end of the fiscal year; prioritizing investment in approximately 350 “go-forward” locations, and expanding its small-format store chains. The corporation’s small retail formats are Bloomie’s, the specialized and downsized Macy’s units, Bloomingdale’s outlets, and Backstage off-price units.
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