Macy's Earnings: What To Look For From M

Stock Story

Published Feb 26, 2024 02:02AM ET

Updated Feb 26, 2024 07:02AM ET

Macy's Earnings: What To Look For From M

Department store chain Macy’s (NYSE:M) will be announcing earnings results tomorrow before market open. Here's what investors should know.

Last quarter Macy's (NYSE:M) reported revenues of $5.04 billion, down 7.8% year on year, beating analyst revenue expectations by 4.4%. It was an exceptional quarter for the company, with an impressive beat of analysts' earnings and revenue estimates.

Is Macy's buy or sell heading into the earnings? Find out by reading the original article on StockStory.

This quarter analysts are expecting Macy's's revenue to decline 5% year on year to $8.10 billion, a further deceleration on the 4.5% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.99 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 4.3%.

With Macy's being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for general merchandise retail stocks, but there has been positive sentiment among investors in the segment, with the stocks up on average 8% over the last month. Macy's is up 3.9% during the same time, and is heading into the earnings with with analyst price target of $18.6, compared to share price of $19.4.