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Macy’s Earnings Top Forecasts as Promotions Attract Shoppers

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Macy’s Inc. profit beat analyst expectations as markdowns attracted bargain-hunting shoppers who are pulling back on purchases after a pandemic shopping boom.

While US shoppers are still spending at stores like Walmart Inc. for necessities, as well as on travel and entertainment, outlays on apparel and accessories have fallen from record highs during the pandemic.

Adjusted earnings per share were 26 cents, compared with the average analyst estimate of 13 cents. Gross margin of 38.1%, meanwhile, weakened from the prior quarter due to heightened levels of clearance markdowns, the company said. The shares were little changed in early trading in New York. The stock has tumbled more than 28% for the year to date as of Monday’s close.

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