Macy’s Q3 revenue and earnings beat forecast

Macy’s reported diluted earnings per share of 39 cents and adjusted diluted earnings per share of 52 cents compared to diluted earnings per share of 76 cents and adjusted diluted earnings per share of 1.23 dollars in the third quarter of 2021.

The earnings performance compares to diluted earnings per share of 1 cents and adjusted diluted earnings per share of 7 cents in the third quarter of 2019.

Net sales for the third quarter of 5.2 billion dollars, were down 3.9 percent versus the third quarter of 2021; up 1.1 percent versus the third quarter of 2019.

According to CNBC, Macy's revenue and earnings beat wall street forecast of 5.2 billion dollars and 19 cents, respectively.

“In the third quarter, we achieved solid top line results and a strong beat to our bottom line guidance,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.

Macy’s Inc. performance surpasses 2019 level

The company’s digital sales decreased 9 percent versus the third quarter of 2021; but increased 35 percent versus the third quarter of 2019.

Brick-and-mortar sales decreased 1 percent versus the third quarter of 2021; and were down 9 percent versus the third quarter of 2019.

Comparable sales were down 3.1 percent on an owned basis and down 2.7 percent on an owned-plus-licensed basis; but were up 5.6 percent and 6 percent, respectively, versus the third quarter of 2019.

Q3 performance of Macy's Inc. namesplates

Macy’s brand comparable sales were down 4.4 percent on an owned basis and down 4 percent, on an owned-plus-licensed basis. 43.6 million active customers shopped the Macy’s brand, on a trailing twelve-month basis, a 2 percent increase compared to the prior year.

Bloomingdale’s comparable sales on an owned basis were up 5.3 percent and on an owned-plus-licensed basis were up 4.1 percent. 4.1 million active customers shopped the Bloomingdale’s brand, on a trailing twelve-month basis, a 9 percent increase over the prior year.

Bluemercury comparable sales were up 14 percent on an owned and owned-plus-licensed basis. Approximately 650,000 active customers shopped the Bluemercury brand, on a trailing twelve-month basis, a 15 percent increase over the prior year.

For the full year, the company continues to expect revenues in the range between 24,340 million dollars and 24,580 million dollars, adjusted EBITDA as a percent of sales approximately 10.5 percent and adjusted diluted earnings per share between 4 dollars and 4.20 dollars.