Macy’s Inc. Shows Q3 Declines But Raises 2022 Earnings Outlook

Net sales declined 3.9 percent to $5.23 billion from $5.44 billion in the year-ago quarter, but were up 1.1 percent compared to the third quarter of 2019. Comparable sales declined 3.1 percent on an owned basis and were down 2.7 percent on an owned-plus-licensed basis.

“Our Polaris strategy is working. In the third quarter, we achieved solid top-line results and a strong beat to our bottom-line guidance. Macy’s brand position as a style and fashion source resonated with our customers, while luxury continued to outperform at Bloomingdale’s and Bluemercury,” said Jeff Gennette, chairman and chief executive officer of Macy’s Inc. “is detail, and our talented and agile team are executing well to compete.

Macy’s reaffirmed its forecast for $24.34 billion in annual sales this year, and raised its earnings expectations to $4.07 to $4.27 per diluted share, from $4 to $4.20.

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