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Macy’s cuts full-year forecast amid less demand of discretionary items

By Shubhangi Mathur - Aug 23, 2022, 05:30 PM ET

Last Updated - Jul 18, 2023, 04:30 PM EDT

Macy’s cuts full-year forecast amid less demand of discretionary items

The retailer beats revenue expectations for the second quarter

Macy’s Inc (NYSE: M) cut its full-year forecast as consumers spend less of discretionary items such as apparel.

This comes after the company topped analysts’ expectations for the second quarter. The retailer posted revenue of $5.6 billion, beating expectations of $5.49 billion, according to Refinitiv.

In the quarter, net income of the company fell to $275 million, or 99 cents per share, from $345 million, or $1.08 a share, a year earlier.

Macy’s now expects revenue in a range of $24.34 billion to $24.58 billion for the fiscal 2022, down from prior estimates of $24.46 billion to $24.7 billion.

Picture Credits: Getty Images

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