Macy’s Inc (NYSE:M) is scheduled to report its third-quarter results before the market opens on Wednesday, December 3.
The estimates for the third quarter have been raised to reflect improvement due to colder weather and continued momentum in Bloomingdale’s "driven by brand newness," according to Telsey Advisory Group.
The Macy’s Analyst: Analyst Dana Telsey maintained a Market Perform rating, while raising the price target from $17 to $22.
The Macy’s Thesis: Net sales are expected to decline 3% year over year to $4.6 billion in the third quarter. That’s better than the consensus estimate of a 4.6% decline to $4.52 billion, Telsey said in the note.
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Within the topline, Telsey’s comp estimate of -1.0%, up from -1.5% previously, is slightly below the consensus of -0.7% but better than the -2.4% comp recorded last year.
The earnings estimate for the third quarter has been raised to -12 per share, from the previous forecast of -15 per share, in-line with the consensus, the analyst stated.
During the call, holiday commentary will be in focus, with Macy's having run several promotional events through November, she added.
M Price Action: Shares of Macy’s had risen by 0.09% to $22.45 at the time of publication on Friday.
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