6/1/2023, 12:56 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's Q1 net sales at $5 billion, fall 7%

Macy's Inc. revealed on Thursday that its net sales in the first quarter of its fiscal 2023 landed at $5 billion, declining 7% year over year.

In the reported three-month period, diluted earnings per share slid 43% compared to the same timeframe in 2022, coming in at $0.53. Meanwhile, net income in the first trimester nosedived 46% on an annual basis, standing at $155 million. In its full-year 2023 guidance, the company lowered its net sales expectations to between $22.8 billion and $23.2 billion.

"We have moved quickly to take the appropriate actions to meet current consumer demand and manage our expenses. Our revised guidance reflects incremental clearance markdowns to address excess spring seasonal merchandise in the second quarter, along with adjustments to the category composition and inventory levels in the back half of the year," CEO Jeff Gennette commented. The company's stock plunged 8% in the premarket trade following the report.

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