Macy’s backs Q4 adjusted EPS view $1.40-$1.65, consensus $1.91

Sees Q4 revenue at or slightly below low-end of $7.8B-$8B range, consensus $7.84B. Macy’s (M) provided an update on its fiscal fourth quarter 2024 results and outlook. Macy’s go-forward business achieved quarter-to-date comparable sales growth, with Macy’s First 50 locations and luxury nameplates Bloomingdale’s and Bluemercury all continuing their trend of positive comparable sales. Macy’s digital channel also achieved comparable sales growth for the period. Macy’s comparable sales were roughly flat quarter-to-date with Macy’s non-First 50 locations, inclusive of non-go-forward locations, performing below expectations and generating negative comparable sales. The company expects fourth quarter 2024 adjusted diluted earnings per share to be in-line with the previously issued range of $1.40 to $1.65 and net sales to be at, to slightly below, the low-end of the previously issued range of $7.8B to $8B. “Our Bold New Chapter strategy continues to gain traction, putting us on track to achieve our second quarter of sequential comparable sales2 improvement,” said Macy’s chairman and chief executive officer Tony Spring. “Reflecting ongoing positive response to Macy’s First 50 locations, we are excited to expand initiatives to an additional 75 Macy’s locations in Fiscal 2025. We are well-positioned to build momentum with a stronger Macy’s store fleet and our teams focused on the successful execution of the three pillars of our Bold New Chapter strategy.”