(Tiper Stock Exchange) – Macy’sthe historic US large-scale retail chain, closed the first quarter of 2023 with net sales of $4.98 billion, down 7% from the first quarter of 2022. comparable sales they were down 7.9% on an owned basis and 7.2% on an owned plus license basis. The gross margin was 40.0%, up from 39.6% in the first quarter of 2022. TheNet income it was $155 million, or 56 cents per share, compared to $286 million, or 98 cents per share, a year earlier.
The analysts they expected average earnings per share of $0.45 on revenues of $5.04 billion, according to Refinitiv data.
“We planned the year assuming that the economic health of the consumer would be in question, but as of the end of March the demand trends weakened further in our discretionary categories,” said CEO Jeff Gennette.
Macy’s now predicts sales between $22.8 billion and $23.2 billion for the year, down from a prior range of $23.7-24.2 billion, and a adjusted earnings per share between $2.70 and $3.20, a notable decrease from the previous guidance of $3.67-4.11 per share.