Macy’s delivered better-than-expected second-quarter earnings but said it was taking a cautious approach to guidance given the ongoing macroeconomic pressures facing consumers.
Macy’s posted adjusted earnings of 26 cents a share, falling from the year-ago quarter but beating Wall Street’s call for 14 cents a share. Sales were $5.13 billion, also sliding from the prior year but higher than the $5.07 billion analysts were expecting. “We continue to see uncertainty in the macroeconomic environment,” said CEO Jeff Gennette in the earnings release. “We are leveraging our robust data science tools to refine inventory composition, while reading and reacting to shifting consumer preferences to meet demand.”
The company said it is continuing to take a “cautious approach on the consumer,” citing ongoing macroeconomic pressures, and reaffirmed its annual sales and earnings guidance. That includes a net sales range of $22.8 billion to $23.2 billion and adjusted earnings per share between $2.70 and $3.20.Write to Emily Dattilo at [email protected]
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