Apparel Retail Insights: Macy’s (M) Reports Remarkable Q2 2024 Adjusted Profit Growth
Macy’s (M) Q2 2024 Earnings Report
Macy’s, Inc. (NYSE: M) on Wednesday reported a significant boost in adjusted earnings for the second quarter of 2024, even as the retailer faced a decline in sales.
Sales Performance
- Net sales dropped by 4% year-over-year, totaling $4.94 billion.
- Comparable sales fell by 4% on an owned basis and 3.3% on an owned-plus-licensed-plus-marketplace basis.
Adjusted Earnings Highlights
Adjusted earnings surged, more than doubling to $0.53 per share in the second quarter. This marks a stark contrast to the previous year, where the company faced a loss.
Net income reached $150 million or $0.53 per share in Q2, compared to a loss of $22 million or $0.08 per share in the same period last year.
Prior Performance Review
As Macy's continues to navigate through challenging sales environments, the strong adjusted earnings signal potential resilience in the apparel retail landscape.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.