Department store chain Macy’s, Inc. (NYSE: M) on Tuesday said its second-quarter 2023 sales and adjusted earnings declined from last year. The company also reaffirmed its guidance for fiscal 2023.
Net sales declined 8% year-over-year to $5.13 billion in the July quarter when comparable store sales, on an owned and licensed basis, decreased by 7.3%.
The weak top-line performance translated into a 74% fall in adjusted profit to $0.26 per share during the three-month period. On an unadjusted basis, it was a net loss of $22 million or $0.08 per share, compared to a profit of $275 million or $0.99 per share last year.