Net income dropped to $275 million, or $0.99 per share, from $345 million, or $1.08 per share, a year ago. Adjusted EPS amounted to $1.00.
Both revenue and adjusted earnings topped expectations.
Macy’s lowered its guidance for FY2022 as it expects to see a reduction in consumer spending on discretionary items amid a challenging macro-environment. The company now expects net sales to range between $24.3-24.5 billion and adjusted EPS to come between $4.00-4.20 versus the previous range of sales of $24.5-24.7 billion and adjusted EPS of $4.53-4.95.
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Prior performance
