Macy’s expects non-performing stores to impact Q4 sales

Macy's flagship in New York
Macy’s flagship in New York Credits: Macy’s Inc.

Macy’s expects fourth quarter adjusted diluted earnings per share to be in-line with the previously issued range of 1.40 dollars to 1.65 dollars and net sales to be at, to slightly below, the low-end of the previously issued range of 7.8 billion dollars to 8 billion dollars.

The company said in a release that Macy’s comparable sales were roughly flat with Macy’s non-first 50 locations, inclusive of non-go-forward locations, performing below expectations and generating negative comparable sales.

“Our bold new chapter strategy continues to gain traction, putting us on track to achieve our second quarter of sequential comparable sales improvement,” said Macy’s, Inc. chairman and chief executive officer Tony Spring.

The company’s go-forward business achieved quarter-to-date comparable sales growth, with Macy’s first 50 locations and Bloomingdale’s and Bluemercury nameplates continuing their trend of positive comparable sales. Macy’s digital channel also achieved comparable sales growth for the period.

“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,” added Spring.

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