US retailer Macy's revenue forecast at $22.8-$23.2 bn in FY23

In terms of comparable owned-plus-licensed sales change, Macy's expects a decline of 7.5-6 per cent for FY23 in comparison to FY22. This guidance has been revised from the earlier projection of a 4-2 per cent decline, the company said in a press release.

Furthermore, Macy's has adjusted its expectations for adjusted diluted earnings per share (EPS) for FY23. The new range is set at $2.70-$3.20, representing a decrease from the previous guidance range of $3.67-$4.11.

“We have moved quickly to take the appropriate actions to meet current consumer demand and manage our expenses. Our revised guidance reflects incremental clearance markdowns to address excess spring seasonal merchandise in the second quarter, along with adjustments to the category composition and inventory levels in the back half of the year. Supported by our solid foundation of financial health, we remain focused on strengthening our core business and advancing our five growth vectors, which we believe will drive sustainable and profitable sales growth in the future,” said Jeff Gennette, chairman and chief executive officer of Macy’s.

Fibre2Fashion News Desk (DP)