Welcome to our dedicated page for Macy's news (Ticker: M), a resource for investors and traders seeking the latest updates and insights on Macy's stock.
Macy's Inc. (symbol: M) is a premier American retail company headquartered in New York City, originally founded in 1858. Macy's operates an extensive network of approximately 500 stores under its own name, nearly 60 stores under the Bloomingdale's and Bloomie's nameplates, and 159 freestanding Bluemercury specialty beauty stores. The company also runs several e-commerce platforms that cater to a global customer base.
Macy's core business revolves around the sale of women's apparel, accessories, shoes, cosmetics, and fragrances, which accounted for 62% of its 2023 sales. The company is continually expanding its product lines to meet diverse consumer demands, ensuring a broad spectrum of offerings from luxury brands to everyday essentials.
Recent achievements include strategic partnerships and licensing arrangements, such as the operation of Bloomingdale's stores in the United Arab Emirates and Kuwait. These ventures have helped Macy's extend its footprint beyond the United States and tap into emerging markets.
Financially, Macy's has shown resilience amidst varying economic conditions. The company's focus on enhancing its digital platforms has paid off, contributing significantly to its overall revenue. Macy's also prides itself on a rich history of innovation and customer engagement, which continues to drive its success in a competitive retail landscape.
Macy's latest news includes updates from internal sources and key stakeholders like Arkhouse Management Co. LP. These updates ensure investors and customers are well-informed about the company's ongoing projects and future prospects.
Macy’s (NYSE: M) reported its first quarter 2024 financial results, revealing mixed performance. The company achieved diluted EPS of $0.22 and adjusted diluted EPS of $0.27, surpassing expectations. However, net sales dropped 2.7% year-over-year to $4.8 billion. Comparable owned sales and owned-plus-licensed sales were down 1.2% and 0.3% respectively. The Bold New Chapter strategy showed promise, with the First 50 locations reporting 3.3% and 3.4% growth in comparable sales.
Bloomingdale's and Bluemercury showed minor sales increases, while Macy's non-go-forward locations suffered a 4.5% decline. Credit card revenues fell $45 million due to higher delinquency rates. SG&A expenses decreased by $39 million, yet expenses as a percentage of revenue rose. Macy's updated its 2024 guidance, projecting net sales between $22.3 billion and $22.9 billion and adjusted diluted EPS between $2.55 and $2.90.
Macy's Board of Directors has declared a quarterly dividend of 17.37 cents per share on its common stock.
This dividend will be payable on July 1, 2024, to shareholders who are on record by the close of business on June 14, 2024.
This announcement reinforces Macy's commitment to returning value to its shareholders.
Macy’s, Inc. (NYSE: M) will announce its first quarter 2024 sales and earnings results on May 21, 2024. The call and webcast with financial analysts and investors will be hosted by Chairman and CEO Tony Spring and COO/CFO Adrian Mitchell. The public and media can access the live webcast on the company's website. Analysts and investors can join the call at 1-877-407-0832. A replay will be available on the website or by calling 1-877-660-6853.
Macy's has deepened its partnership with the Divine Nine Fraternities and Sororities by launching an exclusive menswear collection inspired by the historically Black-founded fraternities of the National Pan-Hellenic Council. The collection includes a range of products from polos to blazers, with prices starting at $49, exclusively available online and in select stores by July 2024. Macy's has also pledged $3M in donations to foundations selected by the organizations. This initiative is part of Macy's Mission Every One social purpose platform, aimed at empowering leaders and supporting community initiatives. The collection is designed to celebrate the heritage and values of the Divine Nine organizations, offering a variety of options for members to express their personal style and represent their organizations at different events.
The 48th edition of the Macy’s 4th of July Fireworks will illuminate the New York City skyline from the Hudson River with colorful displays. The event, organized by Macy's, will feature thousands of shells and various effects, offering a patriotic and stunning show for live spectators and viewers across the nation.
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