Macy's Q1 Profit Down, Adj. EPS Tops View; Lifts FY14 Outlook; Stock Up In Pre-market

(RTTNews) - Macy's Inc. (M), an omni-channel fashion retailer, reported Tuesday that its first-quarter net income fell to $62 million from last year's $155 million.

Earnings per share were $0.22, down from $0.56 a year ago. Adjusted earnings per share were $0.27, compared to last year's $0.56.

Analysts on average expected the company to report earnings of $0.15 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenue dropped to $5 billion from prior year's $5.17 billion. Net sales were $4.85 billion, down 2.7 percent from last year's $4.98 billion.

Comparable sales were down 1.2 percent on an owned basis and down 0.3 percent on an owned-plus-licensed-plus-marketplace basis.

Looking ahead for fiscal 2024, the company now expects adjusted earnings per share of $2.55 to $2.90, higher than previously expected $2.45 to $2.85.

Net sales would be $22.3 billion to $22.9 billion, compared to previous outlook of $22.2 billion to $22.9 billion.

Analysts expect the company to report earnings of $2.62 per share on sales of $22.81 billion.

For the year, comparable owned-plus-licensed-plus-marketplace sales change are still expected to be down around 1 percent to up 1.5 percent versus 2023.

In pre-market activity on the NYSE, Macy's shares were gaining around 3.1 percent to trade at $19.70.

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