Macy’s, Inc. expects net sales to be at the low-end to mid-point of the previously issued range of 8,161 dollars to 8,401 million dollars while adjusted diluted earnings per share to be in the previously issued range of 1.47 dollars to 1.67 dollars for the fourth quarter.
The company said in a release that on a percentage basis, total end-of-quarter inventories are on track to be slightly below last year and down mid-teens relative to 2019.
“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 chief executive officer of Macy’s, Inc.
“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,” added Gennette.