M - Why Macy's Stock Plunged Today
2023-08-22 16:00:29 ET
Shares of Macy's (NYSE: M) were down 13.7% as of 3:15 p.m. ET Tuesday, according to data provided by S&P Global Market Intelligence , after better-than-feared quarterly results from the iconic department store chain were overshadowed by conservative forward guidance.
On the former, Macy's second-quarter net sales declined 8.4% year over year, to $5.13 billion, translating to non-GAAP (adjusted) net income of $71 million, or $0.26 per share (down from $1 per share in the year-ago period). Analysts, on average, were expecting adjusted earnings of only $0.14 per share on slightly lower revenue of $5.11 billion.
Underlying Macy's lower revenue was an 8% year-over-year decline in brick-and-mortar store sales, and a 10% drop in digital sales.
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Why Macy's Stock Plunged Today