Major retailer, Macy’s (NYSE: M) declined in trading on Tuesday after the retailer reported adjusted Q2 earnings of $0.26 per share, a fall of 74% year-over-year but above Street estimates of $0.14 per share. The retailer’s net sales declined by 8% year-over-year to $5 billion but fell short of analysts’ estimates of $5.1 billion.
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Macy’s comparable sales fell by 8.2% on an owned basis in the second quarter and were down by 7.3% on an owned-plus-licensed basis.
The retailer reiterated its FY23 outlook and expects net sales to decline by 7.5% to 6% year-over-year to be in the range of $22.8 billion to $23.2 billion. Adjusted diluted earnings are projected to be between $2.70 and $3.20 per share in FY23. This guidance includes the benefit of $200 million in cost savings.
The company stated in its press release, “In light of ongoing macroeconomic pressures and uncertainty on when those will abate, the company continues to take a cautious approach on the consumer.”
Analysts remain sidelined about Macy’s stock with a Hold consensus rating based on four Buys, six Holds, and two Sells.
