Department store chain Macy’s (NYSE:M) will be reporting results tomorrow before market hours. Here's what to expect.
Macy's beat analysts' revenue expectations by 3.5% last quarter, reporting revenues of $8.38 billion, down 2.4% year on year. It was a strong quarter for the company, with an impressive beat of analysts' revenue and earnings estimates.
Is Macy's a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Macy's revenue to decline 7% year on year to $4.81 billion, in line with the 7% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.17 per share.
![Macy's Total Revenue](https://news-assets.stockstory.org/chart-images/Macys-Total-Revenue_2024-05-20-070055_knsz.png)
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Macy's has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 4.1% on average.
Looking at Macy's peers in the general merchandise retail segment, only Dillard's has reported results so far. It beat analysts' revenue estimates by 1.5%, posting year-on-year sales declines of 2.5%. The stock was down 3.8% on the results.
Read our full analysis of Dillard's earnings results here.There has been positive sentiment among investors in the general merchandise retail segment, with share prices up 8.2% on average over the last month. Macy's is up 4.5% during the same time and is heading into earnings with an average analyst price target of $20.4 (compared to the current share price of $19.6).
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