Macy's: forecasts for new fiscal year disappoint

(CercleFinance.com) - On Thursday Macy's announced that it had exceeded its earnings forecasts for Q4, although its targets for the new financial year were well below consensus figures.


The US department store's sales fell 4.3% to $7.8bn in the three months to 1 February, including a 1.1% decline on a comparable basis.

Net profit came to $342m, or $1.21 per share, compared with a net loss of $128m, or $0.47 per share, for the same period last year.

On an adjusted basis, EPS was $1.80, or $2.64 for FY 2024/2025, whereas the retailer set itself a target of $2.25 to $2.50.

For its new fiscal year, the New York-based group - which also owns the Bloomingdale's chain - said it expects EPS of $2.05 to $2.25, below the consensus of almost $2.40.

Sales are expected at between $21bn and $21.4bn, again far from the $22.2bn forecast by the market.

In its press release, Macy's explains that it plans to resume share buybacks under a previous $1.4bn authorization, although did not prevent its shares from falling over 4% in pre-market trading on Thursday morning.


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