Macy’s, Inc. (NYSE: M) reported second quarter 2022 earnings results today.
Net sales dipped slightly to $5.60 billion from $5.65 billion in the same quarter a year ago. Comparable sales were down 1.5% on an owned basis and down 1.6% on an owned plus licensed basis.
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.