Macy's beats by $0.47, reports revs in-line; guides FY25 EPS in-line, revs in-line (19.30)
- Reports Q4 (Jan) earnings of $2.45 per share, excluding non-recurring items, $0.47 better than the FactSet Consensus of $1.98; revenues fell 1.7% year/year to $8.12 bln vs the $8.07 bln FactSet Consensus.
- Comparable sales, on a 13-week basis, were down 5.4% on an owned basis and down 4.2% on an owned-plus-licensed basis.
- Co issues in-line guidance for FY24, sees EPS of $2.45-2.85, excluding non-recurring items, vs. $2.77 FactSet Consensus; sees FY24 revs of $22.2-22.9 bln vs. $22.71 bln FactSet Consensus.
- Expects comparable owned plus licensed plus marketplace sales change (52 week basis for both 2024 and 2023) down ~1.5% to up 1.5% versus 2023
Macy's announces its new strategy, A Bold New Chapter, designed to return Macy’s, Inc. to enterprise growth
- Strengthens the Macy's Nameplate, Accelerates Luxury Growth and Simplifies and Modernizes End-to-End Operations.
- Focuses Macy's resources by closing approximately 150 underproductive locations through 2026.
- Prioritizes Macy's investments in approximately 350 go-forward locations.
- Expands Bloomingdale's and Bluemercury footprint by up to 45 locations through 2026.
- Monetizes $600-$750 mln of assets through 2026.