Macy's Posts Q2 Earnings Above Street View; Stock Slides On Warning About Persisting Macro Uncertainty
Portfolio Pulse from Shivani Kumaresan
Macy's Inc reported a Q2 FY23 sales decline of 8.4% YoY to $5.13 billion, beating the analyst consensus of $5.09 billion. Brick-and-mortar sales decreased 8%, and digital sales dropped 10% YoY. The company's FY23 sales outlook is unchanged at $22.8 billion - $23.2 billion, against the consensus of $23.17 billion. However, the stock slid due to warnings about persisting macroeconomic uncertainty.
August 22, 2023 | 1:14 pm
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Macy's reported a Q2 FY23 sales decline but beat analyst consensus. The stock slid due to warnings about persisting macroeconomic uncertainty.
Macy's reported a decline in Q2 FY23 sales but managed to beat analyst consensus. However, the company warned about persisting macroeconomic uncertainty, which led to a slide in the stock price. This indicates that investors are concerned about the company's future performance amidst uncertain economic conditions.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100