The US retail group Macy’s Inc. suffered losses in sales and earnings in the third quarter of the 2023/24 financial year. The current results, which the company presented on Thursday, were at least better than previously expected.
In the 13 weeks before October 28th, group sales were 5.04 billion US dollars (4.65 billion euros), missing the level of the previous year’s quarter by 7.8 percent. While the sales of the Macy’s and Bloomingdale’s retail chains fell on a comparable basis, the cosmetics supplier Bluemercury was able to achieve a small increase.
Despite an improved gross margin and lower operating costs, earnings before interest, taxes, depreciation and amortization (EBITDA) fell 20.4 percent to $312 million. Net profit, which had reached $108 million in the same quarter last year, fell by 60.2 percent to $43 million (40 million euros).
The retailer is clarifying its annual forecasts
Because the figures were above the company’s expectations, management adjusted the forecasts for the current financial year. The retail sales target range, previously $22.8 billion to $23.2 billion, has been narrowed to $22.9 million to $23.2 million.
The retailer also specified its forecast for diluted earnings per share adjusted for special items: After previously forecasting between $2.70 and $3.20, it now expects between $2.88 and $3.13. This does not take into account the possible effects of the ongoing share buyback program.
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