Macy's Inc M shares are trading lower Monday after the company provided a fourth-quarter update ahead of its presentation at the 2023 ICR Conference.
What Happened: Macy's updated its previously provided fiscal fourth-quarter guidance. The company said it now expects net sales to be at the low-end to mid-point of the previously issued range of $8.161 billion to $8.401 billion.
Macy's said adjusted diluted earnings are expected to be in the previously issued range of $1.47 to $1.67 per share. Total end-of-quarter inventories are on track to be slightly below last year on a percentage basis.
"Black Friday/Cyber Monday sales were in line with our expectations, while the week leading up to and following Christmas were ahead. However, the lulls of the non-peak holiday weeks were deeper than anticipated," said Jeff Gennette, chairman and CEO of Macy's.
"Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly."
See Also: Santa Is Feeling Inflation Too: US Retail Sales Fell Sharply In November
Macy's expects to report its full results in early March.
M Price Action: Macy's has a 52-week high of $28.21 and a 52-week low of $15.10.
The stock was down 4.2% at $21.20 at time of publication, according to Benzinga Pro.
Photo: Mike Mozart from Pixabay.
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