Macy's tops expectations for the first quarter as luxury sales shine
Macy’s sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending
By Anne D'Innocenzio
Published - May 21, 2024, 07:33 AM ET
Last Updated - May 27, 2024, 12:28 AM EDT
NEW YORK (AP) — Macy's sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending.
The results, announced Tuesday, beat Wall Street expectations. And Macy's raised its outlook for sales and profits, sending share up more than 3% in pre-market trading.
Macy's reported earnings of $62 million, or 22 cents per share for the quarter ended May 4. That compares with $155 million, or 56 cents per share in the year-ago period.
Adjusted per share earnings were 27 cents, much better than the 16 cents that Wall Street was looking for, according to a survey by FactSet.
