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Macy's (M.US) misses Q4 guidance, shares dip before market open

Market IntelMonday, Jan 13, 2025 9:00 am ET

1min read

Macy's (M.US) released its latest holiday season data ahead of its attendance at the ICR conference in Orlando, Florida this week, and the stock fell before the market opened.The department store said on Monday that its forward-looking business achieved comparable sales growth so far this quarter, with comparable sales continuing to grow positively in its top 50 stores and luxury brands Bloomingdale's and Bluemercury. Macy's said that its digital channels also achieved comparable sales growth.Macy's comparable sales were flat so far this quarter, and its performance in stores outside the top 50 (including underperforming stores) was below expectations, with negative comparable sales.On the earnings guidance front, Macy's expects adjusted diluted EPS of $1.40 to $1.65 in Q4, in line with previous expectations. The midpoint of $1.525 is below market expectations of $1.57. Macy's expects net sales to be slightly below the bottom of the previously released range of $7.8 billion to $8.0 billion, while the market expects $7.83 billion.Macy's CEO Tony Spring said, "Our 'Bold New Chapter' strategy continues to gain momentum and positions us for consecutive comparable sales growth. We are pleased to announce that we will expand our plan to an additional 75 stores in fiscal 2025, given the continued positive response to Macy's top 50 stores."Macy's will report its Q4 and full-year 2024 financial results in early March.As of the time of writing, Macy's shares were down 2.51% premarket to $15.443.

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