A month has gone by since the last earnings report for Macy's (NYSE: M). Shares have added about 1.1% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Macy's due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Macy's Q2 Earnings Beat Estimates, Comps Decline Y/Y
Macy's has reported second-quarter fiscal 2024 results, wherein the top line lagged the Zacks Consensus Estimate while the bottom line surpassed the same. Total revenues declined and earnings increased from the year-ago quarter's reported figures. Comparable sales (comps) fell on an owned basis and an owned-plus-licensed basis.
Sales & Earnings Picture
Macy's has reported adjusted earnings of 53 cents per share, surpassing the Zacks Consensus Estimate of 32 cents. Also, the bottom line increased from 23 cents in the year-ago period.
Net sales of $4,937 million missed the consensus estimate of $5,091 million. Also, the top line dipped 3.8% from the year-ago quarter. Comps fell 4% on an owned basis and 3.3% on an owned-plus-licensed-plus-marketplace basis from the prior-year quarter.
Macy's ongoing business comps, including both go-forward locations and digital platforms across all nameplates, decreased 3.8% on an owned basis and 3% when including owned, licensed and marketplace channels.
Net credit card revenues were $125 million, up 4.2% from the year-ago period. The metric represented 2.5% of sales, up 20 basis points from the year-ago quarter.
Details by Brands
Comps across Macy's declined 4.5% year over year on an owned basis and 3.6% on an owned-plus-licensed-plus-marketplace basis. At the Bloomingdale's brand, comps decreased 1.1% on an owned basis and 1.4% on an ...
