Macy's Q3 Beats Expectations, Holiday Sales Cautious

Macys Q3 Results: Surprisingly Strong Performance, Cautious Holiday OutlookMacys recently reported Q3 results, beating expectations with $4.7 billion in revenue and adjusted earnings of $0.04 per share, a significant improvement from the anticipated loss. Same-store sales grew by 2.5%, the fastest pace in 13 quarters, with Bloomingdales seeing an 8.8% rise. Despite this, Macys projects a 3-5% decrease in Q4 net sales, estimating between $7.35 billion and $7.5 billion. However, theyve updated their annual forecast, now expecting full-year same-store sales to range from unchanged to up 1%, with adjusted earnings per share between $2.00 and $2.20. This optimistic outlook is part of Macys Bold New Chapter Strategy, which includes closing 150 stores over three years, focusing on successful locations.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.