Macy's Q2 beats expectations but guides down; adj EPS $1.00 vs $1.29 YoY; FY EPS lowered to $4.00-$4.20

Macy's, Inc.

2022-Q2 EPS reported $1.97 revenue$11,399,000,000

Q2 net sales $5.60B vs $5.65B YoY; comparable sales down 1.6% owned-plus-licensed.
GAAP diluted EPS $0.99, adjusted $1.00 (down from $1.08 and $1.29 in Q2 2021).
Gross margin fell to 38.9% from 40.6% due to increased markdowns on excess inventory.
FY2022 guidance cut: net sales $24.34-$24.58B (from $24.46-$24.70B), adj EPS $4.00-$4.20 (from $4.53-$4.95).
Inventory up 7% YoY; company taking markdowns to clear aged inventory; expects normalization by year-end.

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