Macy's Q4 Sales Slightly Sour, Talks Bold New Strategy Of 150 Store Closures In Two Years
Portfolio Pulse from Nabaparna Bhattacharya
Macy's Inc (NYSE:M) reported Q4 earnings with an adjusted EPS of $2.45, surpassing analyst expectations but missing revenue forecasts with $8.12 billion. Sales declined by 1.7% YoY, with digital sales down 4% and comparable sales also falling. The company announced a strategy to close 150 stores by 2026, aiming to focus on growth areas like Bloomingdale's and Bluemercury. Macy's expects FY24 adjusted EPS of $2.45-$2.85 and net sales of $22.20 billion-$22.90 billion, both below analyst estimates.
February 27, 2024 | 2:09 pm
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Macy's reported higher-than-expected Q4 EPS but missed revenue forecasts, announced significant store closures, and provided a lower-than-expected FY24 outlook.
Macy's shares are trading lower due to the mixed Q4 earnings report and the announcement of 150 store closures, indicating a significant shift in strategy that may concern investors. The lower-than-expected FY24 outlook further contributes to negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100