Macy's (M) Tops Q1 EPS by 10c, Missed on Revenue; Slashes Guidance

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Go back to Macy's (M) Tops Q1 EPS by 10c, Missed on Revenue; Slashes Guidance

Macy’s, Inc. Reports First Quarter 2023 Results

June 1, 2023 6:55 AM EDT

Net sales of $5 billion a decline of 7% year-over-year; merchandise inventories down 7%

Diluted EPS of $0.56 and Adjusted Diluted EPS of $0.56

$200 million of incremental cost savings expected to be realized in fiscal 2023

Adjusts full-year sales and earnings guidance

NEW YORK--(BUSINESS WIRE)-- Macys, Inc. (NYSE: M) today reported financial results for the first quarter of 2023 and updated its annual guidance.

During the first quarter, we delivered a solid beat on our gross margin rate and bottom line... More