Macy's Q2 GAAP EPS $0.53 vs loss of $0.08; revenue $4.9B -3.8%; lowers net sales guidance

Macy's, Inc.

2024-Q2 EPS reported $0.75 revenue$10,096,000,000

Diluted EPS $0.53 (Adjusted $0.53) exceeded outlook; compares to diluted loss of $(0.08) and adjusted EPS $0.26 in Q2 2023.
Net sales $4.9B, down 3.8% YoY. Comparable sales down 4.0% owned, down 3.3% owned+licensed+marketplace.
Gross margin rate 40.5%, up 240 bps; First 50 locations achieved second consecutive quarter of positive comparable sales (+0.8% owned).
Annual net sales guidance lowered to $22.1-22.4B (prior $22.3-22.9B); comparable sales now -2% to -0.5% (prior -1% to +1.5%).
Adjusted diluted EPS guidance reaffirmed $2.55-$2.90; SG&A expense $2.0B, down $7M.

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