Macy's raises full year profit target

Macy’s reported third quarter diluted earnings per share of 15 cents and adjusted diluted earnings per share to 21 cents, while net sales of 5 billion dollars were down 7 percent.

The company's comparable sales declined 7 percent on an owned basis and 6.3 percent on an owned-plus-licensed basis.

Commenting on the outlook, the company said it now expects net sales of 22.9 billion to 23.2 billion dollars, with comparable sales to be down between 6 to 7 percent and adjusted earnings per share to range between 2.88 to 3.13 dollars.

“We delivered better-than-expected top and bottom line third quarter results and are entering the holiday period in a healthy inventory position,” said Jeff Gennette, chairman and chief executive officer of Macy’s.

Third quarter highlights of Macy’s performance

The company’s brick-and-mortar sales decreased 7 percent and digital sales decreased 7 percent versus the third quarter of 2022.

Macy’s comparable sales were down 7.6 percent on an owned basis and down 6.7 percent on an owned-plus-licensed basis.

Bloomingdale’s comparable sales on an owned basis were down 3.2 percent and on an owned-plus-licensed basis were down 4.4 percent and Bluemercury comparable sales were up 2.5 percent on an owned basis.

The company’s other revenue of 178 million dollars, decreased by 59 million dollars.

"Looking forward we have strong continuity with Tony Spring transitioning to CEO in February and I am confident he and our leadership team will guide Macy’s, Inc. to sustainable long-term profitable sales growth in the future,” Gennette added.