---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-020415"
form_type: "8-K"
ticker: "M"
cik: "0000794367"
company_name: "Macy's, Inc."
filed_at: "2023-06-01T23:59:59+00:00"
generated_at: "2026-06-14T09:59:58.151982+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Macy's Q1 net sales $5B (-7% YoY); cuts full-year guidance on weakening consumer demand

## Summary
- Diluted EPS $0.56 (adj. $0.56) vs $0.98 (adj. $1.08) a year ago; net income $155M.
- Comparable owned-plus-licensed sales down 7.2%; digital sales down 8%; brick-and-mortar down 6%.
- FY2023 net sales guidance cut to $22.8-23.2B from $23.7-24.2B; adj. EPS $2.70-3.20 (prev. $3.67-4.11).
- Incremental $200M cost savings identified; regular quarterly dividend $0.1654/share declared.
- Gross margin rate improved to 40.0% (from 39.6%) but SG&A rose to 37.7% of revenue on wage investments.

## SEC filing metadata
- accession: 0001628280-23-020415
- form_type: 8-K
- ticker: M
- cik: 0000794367
- company_name: Macy's, Inc.
- filed_at: 2023-06-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/794367/000162828023020415/0001628280-23-020415-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/794367/000162828023020415/n-20230601.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-020415
- JSON: https://secwatch.observer/filing/0001628280-23-020415.json
- Plain text: https://secwatch.observer/filing/0001628280-23-020415.txt

## Key facts
- Earnings Releases
  Macy's, Inc. reported the first quarter of 2023 results: revenue Net sales of $5 billion, net income Net Income $ 155, EPS Diluted earnings per share of $0.56 and Adjusted diluted earnings per share of $0.56. Guidance lowered.
  - Period: the first quarter of 2023
  - Revenue: Net sales of $5 billion
  - Net income: Net Income $ 155
  - EPS: Diluted earnings per share of $0.56 and Adjusted diluted earnings per share of $0.56
  - Guidance: lowered
  - Result: reported results
  source text: On June 1, 2023, Macy’s, Inc. (“Macy’s” or the “Company”) issued a press release announcing Macy’s financial condition, results of operations and cash flows as of and for the 13 weeks ended April 29, 2023. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
  evidence_url: https://www.sec.gov/Archives/edgar/data/794367/000162828023020415/0001628280-23-020415-index.htm
- Earnings Releases
  Macy's, Inc. reported the first quarter of 2023 results: revenue Net sales of $5 billion, net income Net Income $ 155, EPS Diluted earnings per share of $0.56 and Adjusted diluted earnings per share of $0.56. Guidance lowered.
  - Period: the first quarter of 2023
  - Revenue: Net sales of $5 billion
  - Net income: Net Income $ 155
  - EPS: Diluted earnings per share of $0.56 and Adjusted diluted earnings per share of $0.56
  - Guidance: lowered
  - Result: reported results
  source text: Macy’s, Inc. Reports First Quarter 2023 Results Net sales of $5 billion a decline of 7% year-over-year; merchandise inventories down 7% Diluted EPS of $0.56 and Adjusted Diluted EPS of $0.56 $200 million of incremental cost savings expected to be realized in fiscal 2023 Adjusts full-year sales and earnings guidance
  evidence_url: https://www.sec.gov/Archives/edgar/data/794367/000162828023020415/0001628280-23-020415-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.