Macy's Q1 Surprises With Profit Beat And Upgraded Outlook Amid Sales Challenges – Here's The Scoop
Portfolio Pulse from Shivani Kumaresan
Macy's Inc (NYSE:M) reported better-than-expected Q1 adjusted EPS and raised its FY24 outlook, despite a slight sales decline. The company saw a 2.7% drop in sales to $4.846 billion, missing the consensus of $4.86 billion. Adjusted EPS of $0.27 beat the $0.15 consensus. Macy's raised its FY24 adjusted EPS guidance and updated its sales outlook. Shares are trading higher by 3.97% in premarket.
May 21, 2024 | 12:37 pm
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Macy's reported a better-than-expected Q1 adjusted EPS of $0.27, beating the consensus of $0.15, and raised its FY24 outlook. Despite a 2.7% sales decline, the company updated its FY24 sales outlook and raised its adjusted EPS guidance. Shares are trading higher by 3.97% in premarket.
Macy's beat EPS expectations and raised its FY24 outlook, which is a positive signal for investors. The stock is already reacting positively in premarket trading, up 3.97%. The raised guidance and better-than-expected earnings are likely to boost investor confidence in the short term.
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