The US retail group Macy’s Inc. suffered losses in sales and earnings in the third quarter of the 2024/25 financial year. The parent company of the Macy’s, Bloomingdale’s and Bluemercury concepts then updated its annual forecasts on Wednesday.
In the 13 weeks to November 2nd, group sales were $4.90 billion (4.67 billion euros), down 2.7 percent from the same quarter last year. As previously reported, retail sales fell by 2.4 percent to $4.74 billion. Growth at Bloomingdale’s (+1.4 percent) and Bluemercury (+3.2 percent) was not enough to offset a 3.1 percent decline at the Macy’s department store chain.
Because the gross margin fell and sales overhead costs rose slightly, operating profit fell by 23 percent to $64 million. Net profit shrank by 32 percent to 28 million US dollars (27 million euros), but was above market expectations.
The current development caused the retailer to adjust its annual forecasts. The sales target, which had previously been $22.1 billion to $22.4 billion, was raised slightly to $22.3 billion to $22.5 billion. However, the forecast for diluted earnings per share adjusted for special items was lowered from $2.55 to $2.90 to $2.25 to $2.50.