Macy's Generally Beat Forecasts, but Offered No Recipe against Comp Sales’ Drop
Macy’s (M) published yesterday a generally downbeat quartely earnings report, showing that its traditional OTC sales decreased 8% YoY. Digital sales also decreased 10% versus Q2 2022.
Comparable sales were down 8.2% on an owned basis and down 7.3% on an owned-plus-licensed basis. Having said that, due to very low market expectations, Macy's Non-GAAP EPS of $0.26 managed to beat consensus by $0.12, while revenue of $5.13 billion also beat expectations by $20 million.
Apparently, Macy's has been facing more and more headwinds with declining sales and market share due to changing consumer behavior and economic uncertainties. Global Data showed that the department store giant's market share has declined from 3% in 2016 to ~2.5% in 2021.The company still owns, however, high-value real estate assets that could sweeten the pill during even tougher economic times ahead.
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