Macy's (M) Tops Q2 EPS by 96c, Revenue Beats

Macy's (NYSE: M) reported Q2 EPS of ($0.81), $0.96 better than the analyst estimate of ($1.77). Revenue for the quarter came in at $3.56 billion versus the consensus estimate of $3.47 billion.

• Comparable sales were down 34.7% on an owned basis and down 35.1% on an owned plus licensed basis, due to faster paced store recovery than originally modeled and better than expected growth of digital business.
• Digital sales remained strong, growing 53% over second quarter 2019. Digital sales penetrated at 54% of total owned comparable sales.

2020 Guidance

The company previously withdrew its 2020 sales and earnings guidance and is not currently providing an updated outlook due to ongoing uncertainty as a result of the COVID-19 pandemic.

For earnings history and earnings-related data on Macy's (M) click here.

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