Macy’s, Inc. (NYSE:M) shares are trading lower after the company reported a second-quarter revenue miss.
The fashion retailer reported second-quarter sales of $4.94 billion, missing the consensus of $5.12 billion, and adjusted EPS of $0.53, exceeding the consensus of $0.29.
The department store operator said it now anticipates 2024 net sales of $22.1 billion-$22.4 billion, which is lower than the $22.3 billion-$22.9 billion expected earlier and down from 2023 sales of $23.09 billion.
Goldman Sachs analyst Brooke Roach writes that Macy’s disappointing results and reduced full-year sales and comp forecasts are concerning.
Despite strong profitability and EPS protection, the slowing comp trends across all banners will ...
