Macy's reports Q1 earnings beat expectations, but revenue falls; plans to close stores.

From CNBC: 2024-05-21 07:44:09

Macy’s is laying off about 2,350 employees and closing five stores to adapt to e-commerce. The company’s first-quarter earnings beat expectations, but revenue fell. Macy’s will close around 150 stores, focusing on stronger areas like Bloomingdale’s and Bluemercury. The retailer’s plan includes investing in successful locations and new strategic initiatives.

Macy’s reported first-quarter net income fell 60% to $62 million or 22 cents per share, compared to $155 million a year prior. Net sales dropped from $4.98 billion in the same period. The company expects adjusted earnings per share to be between $2.55 and $2.90 with net sales projected between $22.3 billion and $22.9 billion.

Macy’s is aiming to return to profitable growth through strategic closures and investments in successful areas. The company continues to focus on improving customer experience and attracting more shoppers, including Millennials and Gen Z. Macy’s is navigating challenges like a takeover bid by Arkhouse Management and Brigade Capital while making progress on its turnaround strategy.



Read more at CNBC:: Macy’s (M) Q1 2024 earnings