And Macy’s indicated that Nike will return to its stores from October this year.
Macy’s Inc (NYSE:M), a US consumer goods holding giant, released its first-quarter earnings results on June 1. According to the announcement, Macy’s reported net sales of $4.98 billion during the first three months of the year. (Q1 2023), which is down approximately 7 percent year-over-year. However, analysts surveyed by REFINITIV expected the company to report revenue of about $5.04 billion during the first quarter.
Notably, the company noted first-quarter net income of $155 million, which is 56 cents per share, down from $286 million, or 98 cents per share, a year earlier. As a result, M shares continued with the bearish outlook for the year during the pre-market on Thursday to trade around $13.09, down nearly 4 percent.
According to the latest stock market data, M shares are down nearly 40 percent in the past three months, after posting a 42 percent drop last year.
Macy’s financial highlights for the first quarter of 2023
The company of $3.83 billion reported its regular quarterly dividend of 16.54 cents per share on common stock, payable July 3, 2023, to shareholder snapshot taken June 15, 2023. This after reporting merchandise inventory for the first quarter came in at $4.607 billion. . However, the company indicated that the remainder of the year will be lower than expected.
“The company is taking a cautious approach to the remainder of the year and reducing its annual 2023 sales and earnings guidance to reflect the expected macroeconomic impacts on the consumer.” male.
However, the company’s CEO, Jeff Genette, noted that the first quarter beat expectations in the gross margin rate which came in at 40.0 percent, up from 39.6 percent in the first quarter of 2022.
As for the Bluemercury segment, Macy’s indicated that comparable sales were up 4.3% on an ownership basis. Over the course of twelve months, approximately 676,000 active customers have shopped Bluemercury. The company noted that the Bloomingdale brand reported 4.1 million active customers on a twelve-month basis. However, Bloomingdale’s comparable sales were down about 3.9 percent on a property basis.
“During the first quarter, we delivered a strong beat gross margin rate and bottom line outlook made possible by our disciplined teams, strength of our inventory management, and operational efficiencies. We planned the year on the assumption that consumer economic health would be challenged, but starting in late March, demand trends eased significantly. largest in our discretionary categories.”
Moving forward, the company has promised its customers that Nike will be back in its stores starting in October. As a result, Macy’s expects sales to peak as the holiday season begins in the second half of the year.
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