Macy's lowered its earnings forecast for 2024 but raised sales expectations, causing its stock to drop.

Macy's has lowered its earnings guidance for the fiscal year 2024, projecting earnings per share of $2.25 to $2.50, below analysts' expectations. Despite this, the company raised its annual sales forecast to between $22.3 billion and $22.5 billion. Macy's stock has fallen following the earnings revision, dropping to $15.25 in pre-market trading. The company reported a decline in net profit for the third quarter but exceeded adjusted earnings and sales expectations. Macy's attributes its mixed performance to its Bold New Chapter strategy, which has seen growth in key locations but weakness in others.

3 months ago
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