Macy's Q2 net sales $5.13B, down 8% YoY; adjusted EPS $0.26 vs $1.00; reaffirms FY guidance

Macy's, Inc.

2023-Q2 EPS reported $0.48 revenue$10,453,000,000

Diluted EPS ($0.08) includes pension settlement charge; adjusted EPS $0.26 vs $1.00 prior year.
Comparable sales down 7.3% owned-plus-licensed; digital sales down 10%; brick-and-mortar down 8%.
Other revenue fell to $150M from $234M driven by higher credit card delinquencies and bad debt.
Merchandise inventories down 10% YoY; gross margin rate 38.1% vs 38.9% due to clearance markdowns.
FY 2023 guidance reaffirmed: net sales $22.8-23.2B, adjusted EPS $2.70-3.20.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Macy's, Inc. updated its 13 and 26 weeks ended July 29, 2023 guidance (reaffirmed).

Period: 13 and 26 weeks ended July 29, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On August 22, 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 and 26 weeks ended July 29, 2023. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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Source: SEC EDGAR

accession 0001628280-23-030169

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