Macy’s Inc has released its fiscal 2024 third-quarter results, reporting adjusted diluted earnings per share at $0.04, which surpassed previous forecasts. Although overall net sales experienced a 2.4% decline to $4.7 billion, positive sales performances were noted in Macy’s First 50 locations, alongside Bloomingdale’s and Bluemercury.
Macy’s attributed a 3.1% decrease in net sales to challenges faced outside its First 50 locations, which impacted its digital channels and cold-weather product categories. Conversely, strong sales were noted in fragrances, dresses, and active apparel for both men and women. Bloomingdale’s found success with a 1.4% increase in net sales, alongside Bluemercury’s 3.2% growth.
Chairman and CEO Tony Spring highlights the successes tied to the Bold New Chapter strategy. “The third-quarter outcomes reflect the significant progress we’re making. We’re pleased with the steady sales upticks at Macy’s First 50 locations and the robust performances at Bloomingdale’s and Bluemercury. As we transition into the next phase, our focus remains on achieving long-lasting, beneficial growth for Macy’s Inc.”