New York—Macy’s reported stronger-than-expected revenue for the first fiscal quarter, driven by robust performance in several categories, including jewelry.
Sales for the quarter slipped 3.3% year-on-year to $5 billion, exceeding the $4.97 billion forecast by analysts. Comparable-store sales—covering owned and licensed stores open for at least a year—decreased by 0.3%, with top-performing categories like jewelry contributing to the improved results.
“Beyond apparel, accessories performed better than expected, with strengths in women’s shoes and fine jewelry, offset by ongoing weakness in handbags,” Macy’s CEO Tony Spring said during an earnings call transcribed by The Motley Fool.
Profit for the period fell 60% compared to the same period last year, dropping to $62 million.
Despite the decline in profit, Macy’s has raised its guidance for the full fiscal year. The company now anticipates sales between $22.3 billion and $22.9 billion, slightly up from its February forecast of $22.2 billion to $22.9 billion. Comparable-store sales are expected to range from a 1% decrease to a 1.5% increase, an improvement from the initial prediction of a 1.5% decrease to a 1.5% increase.
Macy’s continues to leverage strong categories like jewelry to bolster its financial performance, demonstrating resilience amid challenging retail conditions.
