Macy’s, Inc. (NYSE: M) on Wednesday reported a sharp increase in adjusted earnings for the second quarter of 2024 when the department store chain’s sales decreased 4%.
Net sales decreased 4% year-over-year to $4.94 billion in the July quarter. Comparable sales were down 4% on an owned basis and down 3.3% on an owned-plus-licensed-plus-marketplace basis.
Adjusted earnings more than doubled to $0.53 per share in the second quarter. Net income was $150 million or $0.53 per share in Q2, compared to a loss of $22 million or $0.08 per share last year.