Key highlights from Macy’s (M) Q3 2024 earnings results

Net income was $28 million, or $0.10 per share, compared to $41 million, or $0.15 per share, last year. Adjusted EPS was $0.04.

Macy’s updated its guidance for fiscal year 2024. The company now expects net sales to be $22.3-22.5 billion. Comparable owned-plus-licensed-plus-marketplace sales, on a 52-week basis, are now expected to be down around 1% to flat versus the previous year. Adjusted EPS is now expected to be $2.25-2.50.

The reduction in earnings guidance caused the stock to fall over 10% in premarket hours on Wednesday.

Prior performance