Macy's Inc. (M), a leading omni-channel fashion retailer, announced on Tuesday that its net income for the first quarter decreased to $62 million from $155 million the previous year.
Earnings per share dropped to $0.22, down from $0.56 one year ago. Adjusted earnings per share stood at $0.27, compared to last year's $0.56.
Analysts, based on data compiled by Thomson Reuters, had anticipated earnings of $0.15 per share. Note that these estimates typically exclude special items.
Total revenue fell to $5 billion from $5.17 billion a year earlier. Net sales decreased by 2.7 percent to $4.85 billion from $4.98 billion last year.
Comparable sales experienced a decline of 1.2 percent on an owned basis and a 0.3 percent drop on an owned-plus-licensed-plus-marketplace basis.
For fiscal 2024, Macy's now projects adjusted earnings per share between $2.55 and $2.90, an increase from the prior forecast range of $2.45 to $2.85.
Net sales are expected to range from $22.3 billion to $22.9 billion, slightly up from the previous outlook of $22.2 billion to $22.9 billion.
Analysts forecast that the company will report earnings of $2.62 per share on sales of $22.81 billion.
For the year, the change in comparable owned-plus-licensed-plus-marketplace sales is still anticipated to be down around 1 percent to up 1.5 percent compared to 2023.
In pre-market trading on the NYSE, Macy's shares were up approximately 3.1 percent, trading at $19.70.