Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Macy’s Forecasts Full-Year Profit Above Estimates

Macy's Herald Square flagship department store in Midtown Manhattan.
Macy’s forecasts full-year profit above estimates. (Shutterstock)

Macy’s Inc forecast full-year profit largely above Wall Street estimates on Thursday, as the department store operator looks to cut back on promotions to protect its margins.

Shares of the company rose about 7 percent in premarket trading.

The company said it expects adjusted full-year profit per share between $3.67 and $4.11, while analysts on an average had estimated $3.84, according to IBES data from Refinitiv.

Macy’s sees 2023 sales between $23.7 billion and $24.2 billion, compared to estimates of $24.29 billion.

ADVERTISEMENT

Consumers at the higher end of the income rung have shrugged off a hit to savings from stubbornly high inflation, helping boost sales at department stores like Macy’s that mostly offer luxury and discretionary items.

However, peer Kohl’s Corp, which caters more to inflation-hit lower-income customers posted a surprise quarterly loss and forecast full-year profit well below estimates as deep discounts to boost demand shredded the retailer’s margins.

By Ananya Mariam Rajesh and Anne Florentyna Gnanaraja Sekar; Editors: Anil D’Silva and Saumyadeb Chakrabarty

Learn more:

Macy’s Lifts Profit Outlook as Special Occasions Boost Sales

Macy’s Inc. jumped after raising its profit forecast as demand for high-end goods is persisting despite the highest inflation in four decades.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

What a Fashion Company Is Worth Today

In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.


What’s the Plan at H&M?

The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections