Omnichannel

Macy’s profits, sales beat street expectations

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May 27, 2022

Macy's, despite inflation, higher gas prices and supply chain issues, reported Q1 profits and sales that beat analyst predications.

The retailer also raised its guidance on profits for Q2 as it predicts heavier credit card revenue, according to a CNBC report.

The news comes on the heels of reports indicating consumers are reducing spend.

Macy's reported revenue of $5.35 billion compared to analyst expectations of $5.33 billion. With earnings per share the retailer reported $1.08 adjusted compared to 82 cents predicted by analysts.

"While macroeconomic pressures on consumer spending increased during the quarter, our customers continued to shop," CEO Jeff Gennette said in a press release.

Digital sales represented 33% of net sales for Q1. Same-store sales for owned and licensed stores increased 12.4% compared with Q1 2021.