Macy's Backs FY23 Earnings, Revenue Forecast - Update

(RTTNews) - While announcing a loss in its second quarter compared to prior year's profit, amid weak revenues, retailer Macy's Inc. (M) maintained its outlook for fiscal 2023 earnings and revenues. The company said it continues to take a cautious approach on the consumer amid the ongoing macroeconomic pressures and uncertainty on when those will abate.

For the year, Macy's continues to expect adjusted income per share of $2.70 to $3.20. On average, 15 analysts polled by Thomson Reuters expect earnings of $2.89 per share for the year. Analysts' estimates typically exclude special items.

Revenue for the year is still expected to be $22.8 billion to $23.2 billion. Analysts expect the company to post revenue of $23.17 billion.

Comparable owned-plus-licensed sales for the year is still expected to be down 7.5 percent to down 6 percent versus 2022.

In the second quarter, Macy's reported a loss of $22 million, compared to profit of $275 million in the same period last year. Loss per share were $0.08, compared to profit of $0.99 per share a year ago.

Adjusted earnings were $71 million or $0.26 per share for the period, compared to last year's $277 or $1.00 per share. Analysts expected the company to earn $0.13 per share for the quarter.

Revenue declined 8 percent to $5.13 billion from $5.60 billion in the same period last year. Analysts expected $5.09 billion in revenues for the quarter.

Comparable sales were down 8.2 percent on an owned basis and down 7.3 percent on an owned-plus-licensed basis.

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