Macy's Holiday Sales Fail To Shine
Macy’s holiday season sales were lackluster as the department store reported flat quarter-to-date comparable store sales with its non-First 50 locations performing below expectations and generating negative same-store sales.
The company expects fourth quarter 2024 adjusted diluted earnings per share to be in line with the previously issued range of $1.40 to $1.65 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.
On a positive note, Macy’s go-forward business achieved quarter-to-date comparable sales growth, with First 50 locations along with Bloomingdale’s and Bluemercury seeing positive comparable sales. Additionally, Macy’s digital channel also reported comparable sales growth.
“Our Bold New Chapter strategy continues to gain traction, putting us on track to achieve our second quarter of sequential comparable sales improvement,” said Tony Spring, Macy’s chairman and chief executive officer. “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.
Macy’s expects to report full results for the fourth quarter and fiscal year 2024 in early March 2025.
The department store’s update comes just days after the company announced the closure of an additional 66 stores. Macy’s officials said the latest round of store closings will allow the company to focus on its 350 go-forward locations through fiscal 2026.
