U.S. department store chain Macy’s (M) has issued second-quarter financial results that beat Wall Street forecasts on both the top and bottom lines.
The New York City-based company announced earnings per share (EPS) of $0.26 U.S. versus $0.13 U.S. that had been the consensus expectation of analysts, according to Refinitiv data.
Revenue in the quarter totaled $5.13 billion U.S. compared to $5.09 billion U.S. that was anticipated.
Macy’s maintained its earnings and sales forecasts, saying it anticipates consumer spending will decline during the back half of this year.
The retailer continues to expect earnings per share of $2.70 U.S. to $3.20 U.S. for all of this year, and full-year revenue between $22.8 billion U.S. and $23.2 billion U.S.
Macy’s announced that UnderArmour and Nike merchandise is returning to Macy’s store shelves in the current third quarter after being excluded for many years.
Comparable store sales in Q2 declined 7.3%, a little worse than the 6.5% drop that analysts had anticipated.
Macy’s flagship stores and online channel put up the weakest sales in the quarter, dropping 8.2%. Upscale department store Bloomingdale’s comparable sales fell 2.6% in Q2.
Beauty chain Bluemercury stood apart with a year-over-year sales gain of 5.8% as shoppers bought more skincare items and cosmetics.
Macy’s stock has declined 21% over the last 12 months to trade at $14.73 U.S. per share.
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