Macy's Q3 Results Top Estimates; Narrows FY23 Outlook Range

(RTTNews) - Omni-channel fashion retailer Macy's, Inc. (M) reported Thursday a third-quarter net income of $43 million or $0.15 per share, sharply lower than $108 million or $0.39 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $59 million or $0.21 per share, compared to $143 million or 0.52 per share in the year-ago quarter.

Total revenue for the quarter declined 7 percent to $5.04 billion from $5.47 billion in the same quarter last year. Comparable sales were down 7.0 percent on an owned basis and down 6.3 percent on an owned-plus-licensed basis. Digital sales decreased 7 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.00 per share on net sales of $4.82 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $2.88 to $3.13 per share on net sales between $22.90 billion and $23.20 billion.

Previously, the company expected adjusted earnings in a range of $2.70 to $3.20 per share on net sales between $22.80 billion and $23.20 billion.

The Street is looking for earnings of $2.77 per share on net sales of $23.12 billion for the year.

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