This has been "essential to navigate rapidly changing consumer trends and macro conditions," he said in a press release.Īs Macy's scales back its exposure to traditional shopping malls, the company is opening smaller-format stores in off-mall locations. E-commerce revenue accounted for 30% of total sales, down slightly from the prior year, as people returned to stores to shop.ĬEO Jeff Gennette said that Macy's so-called Polaris turnaround plans, which have entailed store closures and investments in its digital operations, have made the company faster and more agile. Analysts had been looking for a 2% decrease, according to Refinitiv.ĭigital sales fell 5% from the prior year but were still up 37% compared with pre-pandemic levels, Macy's said.
Maccy s plus#
Macy's comparable sales on an owned plus licensed basis dropped 1.6% from the prior year. Net sales fell slightly to $5.6 billion from $5.65 billion a year earlier. Net income in the three-month period ended July 30 fell to $275 million, or 99 cents per share, from $345 million, or $1.08 a share, a year earlier. Here's how Macy's performed in its fiscal second quarter compared with what analysts were anticipating, based on Refinitiv estimates: Instead, they're just being more selective, according to Gennette.
The department store chain also said that while lower-income consumers slowed their spending during the quarter, they didn't necessarily trade down to less costly brands. Macy's noted both its Bloomingdale's and Bluemercury banners captured demand in the latest quarter from higher-income customers spending on luxury items. "We have seen declining retail traffic in areas of weakening apparel sales over the quarter as the consumer faces higher costs on essential goods, particularly grocery." "The consumer is not as healthy as they were in prior quarters," Chief Financial Officer Adrian Mitchell told analysts on a conference call. Over summer in particular, many Americans opted to splurge on vacations and dining out rather than physical goods. Kohl's, however, cut its guidance again saying that its middle-income customers are being hurt by inflation.Ĭompanies that rely on sales of discretionary items like apparel and footwear are at greater risk of underperforming in an environment where shoppers are increasingly thinking about pulling back spending. The revised forecast from Macy's follows big-box giants Walmart and Target last week both reiterating their annual forecasts even as their profits are pressured. Wall Street analysts had been looking for full-year guidance of $24.36 billion and $4.51 per share, according to Refinitiv consensus estimates.
It puts its annual adjusted earnings per share in a range of $4 to $4.20, down from prior guidance of $4.53 to $4.95. Macy's now sees fiscal 2022 revenue in a range of $24.34 billion to $24.58 billion, down from prior estimates of $24.46 billion to $24.7 billion. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
0 kommentar(er)
