Macy’s Inc., seeing waning consumer demand, reported first-quarter top- and bottom-line declines and has revised its guidance for the yr downward.
Net income for the quarter ended April 29 was $155 million, or $0.56 per diluted share, in comparison with $286 million, or $0.98 per share, within the year-ago period.
Earnings before interest, taxes, depreciation and amortization got here to $466 million versus $684 million within the year-ago quarter.
Net sales of $5 billion were down 7 percent in comparison with $5.35 billion in the primary quarter of 2022. Comparable sales were down 7.2 percent.
Brick-and-mortar sales decreased 6 percent versus the primary quarter of 2022, and digital sales decreased 8 percent versus the primary quarter of 2022.
In pre-market trading Thursday, Macy’s stock was...
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