Sees Q3 net sales $4.75B-$4.85B, consensus $4.88B. Sees Q3 inventories down approximately low to mid-single digits to last year on a percentage basis. “3Q23 gross margin is lapping elevated promotions and markdowns last year to clear excess receipts in warmer weather seasonal goods and slower moving pandemic-related categories including casual apparel and soft home within the Macy’s nameplate. 3Q23 adjusted diluted EPS inclusive of the updated credit card revenues outlook and the timing shift in the recognition of shortage. Nearly all the remaining asset sale gains for FY23 are anticipated in 4Q23,” Macy’s states in presentation slides.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on M:
- Macy’s Stock (NYSE:M): Silly Sell-Off Masks a Brilliant Bargain
- Retail Stocks Drop in Reaction to Macy’s (NYSE:M) Guidance
- Macy’s (NYSE: M) Q2 Earnings Fall 74%, Yet Beat Estimates
- Options Volatility and Implied Earnings Moves Today, August 22, 2023
- Macy’s CEO: ‘We continue to see uncertainty in the macroeconomic environment’