In the three-month period that ended May 3, the company’s net income was $38 million, or 13 cents per share, compared with $62 million, or 22 cents per share, in the year-ago period. Sales dropped from $4.85 billion in the year-ago quarter. Excluding some one-time charges including restructuring charges, adjusted earnings per share were 16 cents.
✅Earnings per share: 16 cents adjusted vs. 14 cents expected
✅Revenue: $4.60 billion vs. $4.50 billion expected
Macy’s cut its full-year profit guidance even as it beat Wall Street’s quarterly earnings expectations, as the retailer’s CEO said it will hike prices of certain items to offset tariffs.
For fiscal 2025, Macy’s now expects adjusted earnings per share of $1.60 to $2, down from its previous forecast of $2.05 to $2.25. It reaffirmed its full-year sales guidance of between $21 billion and $21.4 billion, which would be a decline from $22.29 billion in the most recent full year.
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When Macy’s took out the stores that it plans to shutter, however, trends looked slightly better. Comparable sales of its go-forward business, including its owned and licensed business and online marketplace, declined 1.9%.
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On the other hand, comparable sales at Bloomingdale’s rose 3.8% year over year, including its owned, licensed and marketplace businesses. Comparable sales at Bluemercury climbed 1.5% year over year.
Those 125 locations performed better than the overall Macy’s brand. Comparable sales among those revamped stores owned and licensed by Macy’s were down 0.8% compared with the year-ago period.
