Macy's earnings top estimates, raises full-year outlook

Morningstar equity analyst David Swartz says the quarter was"a little bit better than expected," but he notes that expectations were low and the comparable sales were favorable.) needs to address is operating costs, arguing that it needs to reduce costs and boost sales. He thinks Macy's will need to close more stores, but that it will take more time for CEO Antony Spring to put his turnaround plan into place.

Um, so I think people were a little bit, um, uh relieved that the quarter was better than expected and also the outlook for the second quarter was a little bit better than what I expected and, and they did raise slightly the outlook for the, the full year for 2024.

Uh that will boast that will boost both the total sales and the gross margin and then allow them to overcome the fixed costs. Um So yeah, Macy's is gonna have to down uh Macy's has a lot of stores that are just not performing well. When you take a look at this print, do you think Tony Spring maybe ha has won a little bit more time in order to implement that turnaround strategy?I'm cer I'm certain that wasn't the plan.Um since he came in as CEO a few months ago, uh it's really just started and so it's gonna take really a couple of years to really show um complete um benefit if it actually happens at all.

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