Macy’s, Inc. (NYSE: M) reported fourth quarter 2023 earnings results today.
Net sales were $8.1 billion, down 1.7% versus the same period a year ago. Total revenue dropped to $8.37 billion from $8.58 billion last year.
Comparable sales, on a 13-week basis, were down 5.4% on an owned basis and down 4.2% on an owned-plus-licensed basis.
GAAP net loss was $71 million, or $0.26 per share, compared to net income of $508 million, or $1.83 per share, last year. Adjusted EPS was $2.45.
Earnings beat expectations while sales was in line with estimates.
For fiscal year 2024, net sales are expected to range between $22.2-22.9 billion and adjusted EPS is expected to be $2.45-2.85. Comparable owned plus licensed plus marketplace sales change, on a 52-week basis for both 2024 and 2023, is expected to range between down approx. 1.5% to up 1.5% versus last year.
The stock was down over 2% in premarket hours on Tuesday.