Macy’s, Inc. Provides Fourth Quarter 2022 Update Ahead of the ICR Conference
January 06 2023 - 4:15PM
Business Wire
Macy’s, Inc. (NYSE: M) today announced updates to its fiscal
fourth quarter sales and adjusted EPS guidance provided on its
November 17, 2022 earnings call. Net sales are now expected to be
at the low-end to mid-point of the previously issued range of
$8,161 to $8,401 million while adjusted diluted earnings per share
are expected to be in the previously issued range of $1.47 to
$1.67. On a percentage basis, total end-of-quarter inventories are
on track to be slightly below last year and down mid-teens relative
to 2019.
“Our teams executed well during a competitive holiday season. In
an environment when discretionary spending was under pressure, we
operated with precision and agility,” said Jeff Gennette, chairman
and chief executive officer of Macy’s, Inc. “Black Friday/Cyber
Monday sales were in line with our expectations, while the week
leading up to and following Christmas were ahead. However, the
lulls of the non-peak holiday weeks were deeper than anticipated.
Overall, our occasion apparel and gift-giving business were
strengths and inventory composition and price points aligned with
customers' needs. Throughout the season, Bloomingdale’s and
Bluemercury continued to outperform. Across nameplates, we stayed
close to our customer, utilizing data and analytics tools to
respond to shifts in demand. This has contributed to clean
inventories and an expected gross margin rate roughly in line with
previously issued fourth quarter guidance.”
“Based on current macro-economic indicators and our proprietary
credit card data, we believe the consumer will continue to be
pressured in 2023, particularly in the first half, and have planned
inventory mix and depth of initial buys accordingly. We take a
balanced approach to merchandise receipts and remain committed to
offering fashion and value across nameplates and channels, with the
capacity to adjust in-season buys and chase into areas of strength.
As we look further ahead, the efficiencies we’ve built into our
business coupled with our financial health, data-driven decision
processes, and agile ways of working, allow us to operate from a
position of strength while continuing to invest in our future,”
Gennette continued.
Jeff Gennette, chairman and chief executive officer, Adrian
Mitchell, chief financial officer, and Nata Dvir, Macy’s chief
merchandising officer, will be participating in the 2023 ICR
Conference in Orlando, FL. The company is scheduled to hold
meetings beginning Sunday, January 8, 2023, and is scheduled to
present at 9 a.m. ET on Monday, January 9, 2023. A live webcast of
the event will be available on the investor relations section of
the Macy’s, Inc. website at www.macysinc.com/investors. A recording
of the webcast will be available on the same website for 90 days
following the event.
The company expects to report full results for the fourth
quarter and fiscal year 2022 in early March 2023.
About Macy’s, Inc.
At Macy’s, Inc. (NYSE: M), we are a trusted source for quality
brands at great value from off-price to luxury. Across our iconic
nameplates, including Macy’s, Bloomingdale’s, and Bluemercury, we
help our customers express their unique style and celebrate special
moments, big and small. Headquartered in New York City, we operate
one of retail’s largest e-commerce businesses integrated with a
nationwide footprint to deliver the most convenient and seamless
shopping experience. Our purpose is to create a brighter future
with bold representation – so we can realize the full potential of
everyone of us. For more information, visit macysinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230106005429/en/
Media – Chris Grams communications@macys.com Investors
– Pamela Quintiliano investors@macys.com
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