The US trading group Macy’s Inc. did not experience any major surprises in the important weeks leading up to the turn of the year. For the full fourth quarter, which ends in late January, management expects revenue in the lower half of the current guidance range of $8.16 billion to $8.40 billion, it said company on Monday ahead of an investor conference. Diluted earnings per share adjusted for special effects are also expected to be in the expected range of USD 1.47 to USD 1.67 based on the figures available.
“Our teams did a good job in the highly competitive holiday season,” said CEO Jeff Gennette in a statement. “In an environment where consumer spending was under pressure, we acted with precision and agility.” On the Black Friday and Cyber Monday campaign days, the proceeds were in line with expectations, and in the week immediately before and after Christmas Turnover was surprisingly high, Gennette explained. In the other periods, however, the retailer experienced an unexpected “slow”.
However, the company also warned of continued reluctance to buy in the coming months. “Based on the current macroeconomic indicators and the credit card data we have, we believe consumers will continue to be under pressure in 2023, especially in the first half of the year,” admitted Gennette. The group has adjusted its inventory planning and purchasing strategy accordingly.