Please ensure Javascript is enabled for purposes of website accessibility
Macy's Sees Pullback by Shoppers, Slashes Expectations for the Year
gvw_ap_news
By Associated Press
Published 11 months ago on
June 1, 2023

Share

Macy’s slashed its outlook for the entire year with sales weakening sales in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation.

Quarterly profit and sales dropped to open the year as sales began to flag in March, forcing the New York department store to cut prices on clothes and other discretionary items.

Shares tumbled more than 10% before the opening bell Thursday and dragged other retailers down as well.

Macy’s reported net income of $155 billion, or 56 cents per share, far short of the 45 cents Wall Street was looking for, and a significant decline from the $286 million earned during the same period last year.

Sales fell to $5.17 billion, also short of analyst projections, and a decline from $5.56 billion in the first quarter last year.

Comparable sales — sales coming from digital channels and stores opened at least a year — fell 7.2% across all categories including licensed businesses like cosmetics.

“We have moved quickly to take the appropriate actions to meet current consumer demand and manage our expenses,” said CEO Jeff Gennette, in a written statement.

The revised guidance reflected clearance markdowns on spring seasonal merchandise in the second quarter and cuts in inventory to adjust to the consumer slowdown, Gennette said.

The company now expects earnings in the range of $2.70 to $3.20 per share for the year, down from previous guidance of between $3.67 and $4.11 per share. The company anticipates sales to be in the range of $22.8 billion to $23.2 billion this year, down from the previous range of $23.7 billion to $24.2 billion.

Analysts were expecting earnings of $3.69 per share on revenue of $23.73 billion.

RELATED TOPICS:

DON'T MISS

Biden Backs House’s Aid Package for Ukraine, Israel While Speaker Johnson Battles to Retain Position

DON'T MISS

Hot Rod Willys: Driven to Bake the Perfect Chicago-Style Pizza

DON'T MISS

Local Leaders Must Put Their Shoulders Into Making Fresno ‘Education City USA’

DON'T MISS

EdSource Welcomes Fresno News Veteran Jim Boren to Its Board

DON'T MISS

Senate Dismissed Two Articles of Impeachment, Ending Trial on Mayorkas

DON'T MISS

Netanyahu Dismisses Calls for Restraint, Says Israel Will Decide Iran Attack Response

DON'T MISS

New Study Calculates Climate Change’s Economic Bite Will Hit About $38 Trillion a Year by 2049

DON'T MISS

Biden Pledges to Block Japanese Takeover of US Steel and Promises Tariffs on Chinese Steel

DON'T MISS

Don Arax Talks About His New Football Job at Visalia’s Central Valley Christian

DON'T MISS

Dem House Challengers Salas, Gray Flex Fundraising Muscle

UP NEXT

Southern California City Council Gives Key Approval for Disneyland Expansion Plan

UP NEXT

Tesla Wants Shareholders to Reinstate CEO Elon Musk’s $56 Billion Pay Package

UP NEXT

Boeing in the Spotlight as Congress Calls a Whistleblower to Testify About Defects in Planes

UP NEXT

Coalition: CA Lawmakers Need to Roll Back Proposed ‘Utility Tax’

UP NEXT

Acquisition of Historic Fresno Real Estate Brand Creates Area’s Largest Brokerage

UP NEXT

Wall Street’s Mixed Trading Day

UP NEXT

Fresno Coin Gallery Owner Reveals Why Gold & Silver Are Hot Investments

UP NEXT

Costco Tries Again at City Council for Big NW Fresno Move

UP NEXT

Biden’s Embrace of Trump’s Tariffs Could Spell Trouble for His Reelection: Fareed Zakaria

UP NEXT

Ship That Caused Bridge Collapse Had Apparent Electrical Issues While Still Docked, Source Says

EdSource Welcomes Fresno News Veteran Jim Boren to Its Board

12 hours ago

Senate Dismissed Two Articles of Impeachment, Ending Trial on Mayorkas

12 hours ago

Netanyahu Dismisses Calls for Restraint, Says Israel Will Decide Iran Attack Response

13 hours ago

New Study Calculates Climate Change’s Economic Bite Will Hit About $38 Trillion a Year by 2049

13 hours ago

Biden Pledges to Block Japanese Takeover of US Steel and Promises Tariffs on Chinese Steel

13 hours ago

Don Arax Talks About His New Football Job at Visalia’s Central Valley Christian

14 hours ago

Dem House Challengers Salas, Gray Flex Fundraising Muscle

15 hours ago

Career-High Strike Outs for Ryan Weathers as Marlins Best Giants 6-3

16 hours ago

LeBron’s Lakers Top Pelicans in Play-in, Set up Playoff Rematch With Nuggets

16 hours ago

Storm Dumps Record Rain and Floods Dubai’s Airport

16 hours ago

Biden Backs House’s Aid Package for Ukraine, Israel While Speaker Johnson Battles to Retain Position

WASHINGTON — President Joe Biden said Wednesday that he strongly supports a proposal from House Speaker Mike Johnson to provide aid to Ukrai...

10 hours ago

10 hours ago

Biden Backs House’s Aid Package for Ukraine, Israel While Speaker Johnson Battles to Retain Position

11 hours ago

Hot Rod Willys: Driven to Bake the Perfect Chicago-Style Pizza

12 hours ago

Local Leaders Must Put Their Shoulders Into Making Fresno ‘Education City USA’

12 hours ago

EdSource Welcomes Fresno News Veteran Jim Boren to Its Board

12 hours ago

Senate Dismissed Two Articles of Impeachment, Ending Trial on Mayorkas

13 hours ago

Netanyahu Dismisses Calls for Restraint, Says Israel Will Decide Iran Attack Response

13 hours ago

New Study Calculates Climate Change’s Economic Bite Will Hit About $38 Trillion a Year by 2049

13 hours ago

Biden Pledges to Block Japanese Takeover of US Steel and Promises Tariffs on Chinese Steel

MENU

CONNECT WITH US

Search

Send this to a friend