Macy’s, Inc. (NYSE: M) reported its third quarter 2024 earnings results today.
Net sales decreased 2.4% year-over-year to $4.7 billion. Comparable sales were down 2.4% on an owned basis and down 1.3% on an owned-plus-licensed-plus-marketplace basis.
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.
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