Macy’s Inc. Reports 7% Decline in Net Sales and Cuts Full-Year Forecast

Macy’s Inc. has reported a decline in net sales, amounting to $5 billion, which was 7% lower than the first quarter of 2022.[0] The company’s comparable sales were down 7.9% on an owned basis and down 7.2% on an owned-plus-licensed basis.[1] This was much more than the 5.5% fall in owned-plus-licensed sales that analysts had predicted.[2] Macy’s CEO Jeff Gennette stated, “We planned the year assuming that the economic health of the consumer would be challenged, but starting in late March, demand trends weakened further in our discretionary categories.”[3] Gennette added that the company had “moved quickly to take the appropriate actions to meet current consumer demand and manage our expenses”.[4] Macy’s has cut its full-year forecast for earnings per share to $2.70-$3.20 from the prior guidance of $3.67-$4.11.[5] Revenue is now seen at $23 billion at the midpoint of the range, down from the prior $23.95 billion.[6] Analysts were looking for EPS of $3.69 on revenue of $24 billion.[6] Macy’s stock dropped 9.35% to $12.32 in pre-market trading on Thursday.[7]

0. “Macy’s slashes expectations for the year after a pullback by shoppers in the spring – Harrison Daily” Harrison Daily, 1 Jun. 2023,,204155

1. “Why Macy’s (M) Shares Are Sliding Today – Macy’s (NYSE:M)” Benzinga, 1 Jun. 2023,

2. “Macy’s lowers guidance as consumer demand weakens” ShareCast, 1 Jun. 2023,–13598176.html

3. “Macy’s Falls After Cutting Outlook as Demand Trends Worsen” BNN Bloomberg, 1 Jun. 2023,

4. “Macy’s stock looks set to slide as weaker outlook tempers earnings beat” Proactive Investors USA, 1 Jun. 2023,

5. “What to look for when Macy’s (M) reports Q1 2023 earnings tomorrow” AlphaStreet, 31 May. 2023,

6. “Macy’s falls after cutting forecast on demand weakness By” Philippines, 1 Jun. 2023,

7. “Macy’s sales fall short and company lowers full-year guidance to reflect challenged consumer” MarketWatch, 1 Jun. 2023,