Department store chain Macy’s, Inc. (NYSE: M) on Thursday said its first-quarter 2023 sales and earnings declined from last year. The company also provided guidance for fiscal 2023.
Net sales declined 7% year-over-year to $4.98 billion in the April quarter when comparable store sales, on an owned and licensed basis, decreased by 7.2%.
The weak top-line performance translated into a 48% fall in adjusted profit to $0.56 per share during the three-month period. Unadjusted net income was $155 million or $0.56 per share, compared to $286 million or $0.98 per share last year.