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Strong Jewelry Sales Lead Macy’s to Better-Than-Expected Results

May 22, 2024  |  Leah Meirovich
Macy's story FL image

Revenue at Macy’s was stronger than analysts projected for the first fiscal quarter, as a number of categories, including jewelry, outperformed. 

Sales slipped 3.3% year on year to $5 billion, the retailer said Tuesday. However, the figure was higher than the $4.97 billion the company was expected to make. Comparable-store sales — at owned and licensed shops open for at least a year — decreased 0.3%. Top-performing categories, including jewelry, drove the improvement. 

“Beyond apparel, accessories was better than expectations, with strengths in women’s shoes and fine jewelry, offset by ongoing weakness in handbags,” Macy’s CEO Tony Spring said in an earnings call transcribed by The Motley Fool. 

Profit for the period fell 60% from the equivalent period a year ago to $62 million. 

The company increased its guidance for the full fiscal year. It now expects sales to be between $22.3 billion and $22.9 billion, compared with the $22.2 billion to $22.9 billion forecast it released in February. Comparable-store sales will be down 1% to up 1.5% versus the original prediction of down 1.5% to up 1.5%, the retailer added. 

Image: A Macy’s store in Orlando, Florida. (Shutterstock)

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Macy's story FL image Strong Jewelry Sales Lead Macy’s to Better-Than-Expected Results

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