Department store chain Macy’s, Inc. (NYSE: M) has provided an update on its fiscal fourth quarter 2024 results and outlook.
- Estimated comparable sales are roughly flat quarter-to-date, with Macy’s non-First 50 locations performing below expectations and generating negative comparable sales
- The go-forward business achieved quarter-to-date comparable sales growth, with Macy’s First 50 locations and luxury nameplates Bloomingdale’s and Bluemercury delivering sales growth
- The management expects fourth-quarter adjusted earnings per share to be in line with the previously issued range of $1.40 to $1.65
- Q4 net sales are anticipated to be at, to slightly below, the low-end of the previously issued range of $7.8 billion to $8.0 billion
- The company is scheduled to report the final results for the fourth quarter and fiscal year 2024 in early March 2025
- The retailer said it is on track to expand initiatives to open an additional 75 Macy’s locations in fiscal 2025