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(Sharecast News) - US retailer Macy's posted better-than-expected quarterly earnings on Thursday but issued downbeat sales and profit guidance for FY25.
Macy's reported net income came to $342.0m in the three months ended 1 February, or $1.80 per share, a marked improvement from its $128.0m loss a year earlier and ahead of estimates of $1.53 per share. Excluding one-time items, Macy's posted earnings of $507.0m, or $1.80 on a per share basis.
However, revenues dropped roughly 4% during Q4 to $7.77bn, below expectations of $7.87bn, but comparable sales across its owned and licensed businesses, as well as its online marketplace, were up 0.2%.
Looking forward, Macy's expects adjusted earnings per share of $2.05-2.25 and sales of $21bn-21.4bn, missing Wall Street estimates of $2.31 per share and $21.8bn, respectively.
As of 1400 GMT, Macy's shares were down 3.83% in pre-market trading at $12.80 each.
Reporting by Iain Gilbert at Sharecast.com
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