Macy's Q3 Comparable Sales Down 7.0% On An Owned Basis And Down 6.3% On An Owned-plus-licensed Basis; Gross Margin Rate Of 40.3%, Up 160 Basis Points Y/Y, Merchandise Inventories Down 6% Y/Y
Portfolio Pulse from Benzinga Newsdesk
Macy's reported a 7.0% decrease in Q3 comparable sales on an owned basis and a 6.3% decrease on an owned-plus-licensed basis. The company's gross margin rate improved by 160 basis points year-over-year to 40.3%, and merchandise inventories were reduced by 6% compared to the previous year.
November 16, 2023 | 11:59 am
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NEGATIVE IMPACT
Macy's Q3 report shows a decline in comparable sales but an increase in gross margin rate and a decrease in merchandise inventories year-over-year.
The decline in comparable sales indicates a potential decrease in revenue, which could negatively impact Macy's stock price in the short term. However, the improvement in gross margin rate and reduction in inventories are positive signs of cost management and efficiency, which could mitigate some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100