Macy’s, Inc. expects its go-forward business achieved quarter-to-date (QTD) comparable sales growth in the fiscal fourth quarter, with Macy’s First 50 locations and luxury nameplates Bloomingdale’s and Bluemercury all continuing their trend of positive comparable sales. Macy’s digital channel also achieved comparable sales growth for the period.
Macy’s, Inc.’s comparable sales were “roughly flat” quarter-to-date with Macy’s non-First 50 locations, including non-go-forward locations, performing below expectations and generating negative comparable sales.
The company expects fourth-quarter 2024 adjusted diluted earnings per share to align with the previously issued range of $1.40 to $1.65 per share and net sales to be at to slightly below the low-end of the previously issued range of $7.8 billion to $8.0 billion.
“Our Bold New Chapter strategy continues to gain traction, putting us on track to achieve our second quarter of sequential comparable sales improvement,” said Macy’s, Inc. Chairman and CEO Tony Spring. “Reflecting ongoing positive response to Macy’s First 50 locations, we are excited to expand initiatives to an additional 75 Macy’s locations in Fiscal 2025. We are well-positioned to build momentum with a stronger Macy’s store fleet and our teams focused on the successful execution of the three pillars of our Bold New Chapter strategy.”
The quarter-to-date period is defined as the 9-week period ended January 4, 2025 versus the 9-week period ended December 30, 2023.
Comparable sales represent comparable sales on an owned-plus-licensed-plus-marketplace basis for Macy’s, Inc., Macy’s, Inc. go-forward business, Macy’s digital, and Bloomingdale’s; comparable sales on an owned-plus-licensed basis for Macy’s First 50 and non-First 50 locations; and comparable sales on an owned basis for Bluemercury.
Image courtesy Macy’s
