Macy's reports drop in sales, rejects buyout offer, stock plummets over 13%

From Yahoo Finance: 2024-08-21 11:00:48

Macy’s reports 3.8% drop in sales and rejects $6.9 billion buyout offer. Stock plummets over 13%. Adjusted earnings beat estimates at $0.53. CEO confident in turnaround strategy despite decline. Plans to close 150 stores. Real estate assets sales gains improve outlook, with $36 million in Q2.

Sales drop in Bloomingdale’s but jump in Bluemercury. UBS analyst predicts challenges, loss of share to competitors. TJX Companies to report earnings next. Macy’s expects ongoing pressure in 2024, lowers revenue outlook. Same-store sales to be down 2-5% year over year. CEO optimistic about holiday season, focusing on inventory levels and unique products.



Read more at Yahoo Finance: Macy’s misses on Q2 sales as it opts to double down on new strategy over buyout deal