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 emily.dattilo@dowjones.com
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Baidu Stock Jumps as China’s Google Delivers Huge Earnings BeatChinese tech peers Alibaba and JD.com both saw their stocks sink after strong earnings but no outlook. Will Baidu follow suit?
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: CNBC - 🏆 12. / 72 Read more »