M News

Macy's updates its fiscal Q4 guidance, revealing strong growth in its First 50 stores and luxury segments, while non-First 50 locations underperformed. The company sees net sales near the lower end of $7.8 billion to $8.0 billion.

Macy's revealed plans to close 66 stores as part of its "Bold New Chapter" strategy. The company aims to eliminate underperforming locations and focus on its successful stores.

Macy's stock fell as Target's weak earnings report and lowered guidance sparked concerns about broader retail challenges. Investors fear similar inventory and cost pressures could impact Macy's ahead of the holiday season.

Macy's shares rose on strong earnings and increased outlook. Analysts give positive takeaways.

Macy's shares are climbing after reporting better-than-expected Q1 adjusted EPS and raising its FY24 outlook. Despite a 2.7% year-on-year sales decline to $4.846 billion, Macy's adjusted EPS of $0.27 beat the $0.15 consensus. The company updated its FY24 sales forecast to $22.3B-$22.9B and adjusted EPS guidance to $2.55-$2.90, reflecting strong customer response to their new strategy.

With inflation at a 40-year high and rising costs, consumers across the U.S. will likely grapple with their holiday shopping this year.