Guidance cuts didn't do the company any favors with investors.Sometimes it just isn't enough for a company to beat analyst estimates when it publishes quarterly earnings reports. At first glance, Macy's (M 5.21%) second quarter looked rather good, especially since the famous retailer topped the consensus projections for both revenue and profitability.But that earnings news wasn't all good, and quite a few investors traded out of the stock. According to data compiled by S&P Global Market Intelligence, across ...

J. Michael Jones Introduction The department store Macy's, Inc. (NYSE:M) management may be beginning to regret their decision to call off takeover talks with Arkhouse Management, who offered to buy all outstanding shares for $24.80. With the shares now trading over 35% below the offer value, having fallen another 9% following earnings, the missed opportunity is glaring. Although the earnings headline numbers appeared all right, with earnings per share coming in ahead of expectations, revenue below conse ...

Macy’s, Inc. M shares are trading lower after the company reported a second-quarter revenue miss.The fashion retailer reported second-quarter sales of $4.94 billion, missing the consensus of $5.12 billion, and adjusted EPS of $0.53, exceeding the consensus of $0.29.The department store operator said it now anticipates 2024 net sales of $22.1 billion-$22.4 billion, which is lower than the $22.3 billion-$22.9 billion expected earlier and down from 2023 sales of $23.09 billion.Goldman Sachs analyst Brooke Roac ...

Macy’s officials are confident in their “A Bold New Chapter” strategy, highlighted by the company’s First 50 locations.During its second-quarter earnings call Wednesday (Aug. 21), Macy’s Chairman and CEO Tony Spring noted the retailer showcased these flagship stores as a beacon of success amid a challenging retail environment.“We’re excited about the First 50,” Spring said during the earnings call with analysts, emphasizing that these stores serve as an indicator of Macy’s future potential. “Confidence in o ...

Sales growth disappointed in the second quarter.Shares of Macy's (M -12.15%) were pulling back today after the department-store operator issued a weak sales result in its second quarter, even though profits were strong. As a result, the stock was down 12% as of 11:24 a.m. ET.Macy's is still shrinkingThe retailer reported a revenue decline of 3.8% to $4.9 billion, which was well below estimates at $5.12 billion. Comparable sales were down 3.3%, showing that the business is continuing to lose customers in wha ...

Macy’s, Inc. (M) has reported second-quarter fiscal 2024 results, wherein the top line lagged the Zacks Consensus Estimate while the bottom line surpassed the same. Total revenues declined and earnings increased from the year-ago quarter’s reported figures. Comparable sales (comps) fell on an owned basis and an owned-plus-licensed basis.M shares have lost 19.7% in the past six months compared with the industry’s 16.6% decline.Sales & Earnings PictureMacy’s, currently carrying a Zacks Rank #3 (Hold), has rep ...

Macy’s (NYSE:M) just reported results for the second quarter of 2024.Macy’s reported earnings per share of 53 cents. This was above the analyst estimate for EPS of 30 cents.The company reported revenue of $4.94 billion.This was 3.57% worse than the analyst estimate for revenue of $5.12 billion.InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as we ...

2Q24 Earnings August 21, 2024 Safe Harbor Statement All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's, Inc.'s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in ...

Macy's, Inc. (NYSE:M) Q2 2024 Earnings Conference Call August 21, 2024 8:00 AM ET Company Participants Pamela Quintiliano - VP of IR Tony Spring - Chairman & CEO Adrian Mitchell - COO & CFO Conference Call Participants Matthew Boss - JPMorgan Chase Brooke Roach - Goldman Sachs Bob Drbul - Guggenheim Partners Dana Telsey - Telsey Advisory Group Blake Anderson - Jefferies Tracy Kogan - Citi Alex Straton - Morgan Stanley Neil Goh - TD Cowen Michael Binetti - Evercore ISI Jay Sole - UBS Janet Kloppenburg - JJK ...

Macy’s slashed its annual sales forecast on disappointing second quarter earnings as the iconic department store struggles to win over inflation-battered customers. Macy’s shares plunged 13.4% on Wednesday morning.The retailer has been forced to cut prices and offer more promotions on its mid- to high-end goods to compete with affordable rivals — but it still lost out on sales. 3 Macy’s lowered its annual sales forecast on Wednesday after revealing disappointing second quarter earnings. REUTERSThe compan ...