March 2, 2023 — Macy’s, Inc. (NYSE: M) today reported financial results for the fourth quarter and fiscal 2022 and provided fiscal 2023 guidance.
Macy’s (NYSE:M) reported fiscal Q4 adjusted earnings of $1.88 per diluted share,Analysts polled by Capital IQ expected $1.59.
Net sales for the quarter ended Jan. 28 were $8.26 billion, Analysts surveyed by Capital IQ expected $8.27 billion.
For fiscal 2023, the company is expecting adjusted earnings of $3.67 to $4.11 per diluted share on net sales of $23.7 billion to $24.2 billion. Analysts surveyed by Capital IQ are expecting earnings of $4.17 on sales of $24.49 billion.
Fourth Quarter 2022 Highlights
Diluted earnings per share of $1.83 and Adjusted diluted earnings per share of $1.88, This compares to diluted earnings per share of $2.44 and Adjusted diluted earnings per share of $2.45 in the fourth quarter of 2021.
This compares to diluted earnings per share of $1.09 and Adjusted diluted earnings per share of $2.12 in the fourth quarter of 2019.
Net sales of $8.3 billion, down 4.6% versus the fourth quarter of 2021; down 0.9% versus the fourth quarter of 2019.
Gross margin for the quarter was 34.1%, down from 36.5% in the fourth quarter of 2021.
Net credit card revenue of $262 million, down $2 million.
Full-Year 2022 Highlights
Diluted earnings per share of $4.19 and Adjusted diluted earnings per share of $4.48.
This compares to a diluted earnings per share of $4.55 and an Adjusted diluted earnings per share of $5.31 in 2021.
This compares to diluted earnings per share of $1.81 and Adjusted diluted earnings per share of $2.91 in 2019.
Net sales of $24.4 billion, down 0.1% versus 2021; down 0.5% versus 2019.
Financial Highlights
2023 Guidance
Fiscal 2023 Net sales $23.7 billion to $24.2 billion down 3% to down 1% versus 2022
Comparable owned plus licensed sales change (52 week basis) Down 4% to down 2% versus 2022
Adjusted diluted earnings per share $3.67 – $4.11
MACY’S, INC. Consolidated Statements of Income
MACY’S, INC. Consolidated Statements of Income
About Macy’s, Inc.
At Macy’s, Inc. (NYSE: M), we are a trusted source for quality brands at great values from off-price to luxury. Across our iconic nameplates, including Macy’s, Bloomingdale’s and Bluemercury, we help our customers express their unique style and celebrate special moments, big and small. Headquartered in New York City, we operate one of retail’s largest e-commerce businesses integrated with a nationwide footprint to deliver the most convenient and seamless shopping experience. Our purpose is to create a brighter future with bold representation – so we can realize the full potential of every one of us. For more information, visit macysinc.com.