M Stock Recent News

Macy's posted declining comparable-sales growth and missed top-line estimates. Gross margin improved, leading to a bottom-line beat.

Macy's (M) Q2 results reflect a y/y decline in comps. However, it sees fiscal 2024 as a transitional and investment year, focusing on key strategic initiatives to improve customer experience.

Macy's (NYSE: M ) just reported results for the second quarter of 2024. Macy's reported earnings per share of 53 cents.

Macy's, Inc. (NYSE:M ) Q2 2024 Earnings Conference Call August 21, 2024 8:00 AM ET Company Participants Pamela Quintiliano - VP of IR Tony Spring - Chairman & CEO Adrian Mitchell - COO & CFO Conference Call Participants Matthew Boss - JPMorgan Chase Brooke Roach - Goldman Sachs Bob Drbul - Guggenheim Partners Dana Telsey - Telsey Advisory Group Blake Anderson - Jefferies Tracy Kogan - Citi Alex Straton - Morgan Stanley Neil Goh - TD Cowen Michael Binetti - Evercore ISI Jay Sole - UBS Janet Kloppenburg - JJK Research Operator Greetings, and welcome to Macy's, Inc. Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Macy's, Inc. (NYSE:M) shares tumbled 14% as the department store chain downwardly revised its full year sales forecast as it struggles with curbed consumer spending and a bigger than anticipated hit from promotions. It now expects net sales in the range of $22.1 billion to $22.4 billion, or down between 2% to 0.5% from 2023.

Target (TGT) surprised investors this morning, but TJX Companies (TJX) also reported a positive earnings beat to flex retail strength. The same couldn't be said for Macy's (M).

Macy's (M) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.26 per share a year ago.

Macy's Inc.'s stock M, -0.45% fell 8% early Wednesday, after the department-store chain missed sales and same-store sales estimates for its fiscal second quarter and lowered its full-year guidance, citing a still-stressed consumer. The company had net income of $150 million, or 53 cents a share, for the quarter through Aug. 3, after a loss of $22 million, or 8 cents a share, in the year-earlier period.

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 lowered its annual net sales forecast on Wednesday as lingering weakness in U.S. consumer spending dashes hopes of a turnaround in demand for big-ticket discretionary goods, sending its shares down 10% in premarket trade.