Macy’s has lowered its annual outlook to reflect the difficult consumer environment and now expects net sales to be in the range of 22.1 billion dollars to 22.4 billion dollars with comparable sales change of down between 1.5 to 2 percent.
For the second quarter, Macy’s reported diluted and adjusted diluted earnings per share of 53 cents.
Net sales of 4.9 billion dollars decreased 3.8 percent and comparable sales were down 4 percent on an owned basis and down 3.3 percent on an owned-plus-licensed-plus-marketplace basis.
“During the second quarter, we delivered strong earnings performance in a challenging consumer environment,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc.
Review of Macy’s second quarter performance
Macy’s go-forward business comparable sales, inclusive of go-forward locations and digital across nameplates, down 3.8% on an owned basis and down 3 percent on an owned-plus-licensed-plus-marketplace basis.
Macy’s brand net sales were down 4.4 percent with comparable sales down 4.5 percent on an owned basis and down 3.6 percent on an owned-plus-licensed-plus-marketplace basis.
Macy’s go-forward business comparable sales, inclusive of Macy’s go-forward locations and digital, declined 4.3 percent on an owned basis and 3.3 percent on an owned-plus-licensed-plus-marketplace basis.
Go-forward locations comparable sales were down 2.4 percent on an owned basis and down 2.3 percent on an owned-plus-licensed basis.
Bloomingdale’s net sales were down 0.2 percent with comparable sales down 1.1 percent on an owned basis and down 1.4 percent on an owned-plus-licensed-plus-marketplace basis.
Bluemercury net sales were up 1.7 percent with comparable sales up 2 percent on an owned basis. Other revenue of 159 million dollars increased by 9 million dollars.
The company continues to expect to report adjusted diluted earnings per share in the range of 2.55 to 2.90 dollars,