Macy's Q2 net sales down 3.8% to $4.9B
Business
3h ago(Source: baha news)
EPA-EFE/TANNEN MAURY
Business
Macy's Inc. reported on Wednesday that its net sales in the second quarter of 2024 landed at $4.9 billion, falling by 3.8% compared to the same period last year.
The company's net income in the second trimester stood at $150 million, advancing from a net loss of $22 million on an annual level. Meanwhile, its diluted earnings per share (EPS) came in at $0.53, surging from a loss per share of $0.08 in the same trimester last year. For the 2024-year guidance, the department store chain reduced net sales forecast to land at $22.1 billion to $22.4 billion while leaving adjusted diluted EPS forecast unchanged at $2.55 to $2.90, in comparison to May's outlook.
"During the second quarter, we delivered strong earnings performance in a challenging consumer environment … We are seeing signs of our strategy taking root, including two consecutive quarters of positive comparable sales in Macy’s First 50 locations," CEO Tony Spring said. Macy's shares tumbled by 11.05% in premarket trading following the release of the report to sell at $15.78 apiece.
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