Macy’s Announces First Quarter 2022 Financial Results

May 26, 2022 By MarketDepth

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Macy’s, Inc. (NYSE: M) has reported financial results for the first quarter of 2022 and updated its annual guidance.  Diluted earnings per share of $0.98 and Adjusted diluted earnings per share of $1.08. Comparable sales up 12.8% on an owned basis and up 12.4% on an owned-plus-licensed basis. Digital sales increased 2% year-over-year while increasing 34% versus the first quarter of 2019. Macy’s comparable sales were up 10.7% on an owned basis and up 10.1%, on an owned-plus-licensed basis.

“Our company delivered solid results in the first quarter despite a challenging operating environment. We delivered strong earnings, beating our estimates, and sales that were in line with our expectations. While macroeconomic pressures on consumer spending increased during the quarter, our customers continued to shop. We saw a notable shift back to occasion-based apparel and in-store shopping, as well as continued strength in sales of luxury goods. Our omnichannel ecosystem, which spans the value spectrum, has supported our ability to flex our wide assortment of categories, products and brands to capture consumer demand despite the volatile environment. As we look ahead to the rest of 2022, we remain focused on our customers and the successful execution of our Polaris long-term growth strategy. We believe that the efficiencies we built into our business enable us to navigate through the current uncertain macro environment.”

Jeff Gennette, chairman and chief executive officer of Macy’s, Inc

“We believe that our first quarter performance reflects the durability of the Polaris strategy. The actions we took in the quarter to boost our liquidity and increase our financial flexibility provides us a long runway to invest further in our transformation, navigate the unprecedented macroeconomic environment and return capital to shareholders,” said Adrian Mitchell, chief financial officer of Macy’s, Inc. “As we move into the rest of this year, we have confidence in our ability to flex and pivot quickly in this dynamic environment.”