Macy’s Inc M reported mixed quarterly results and announced plans to close 150 stores on Tuesday.
The company reported fourth-quarter adjusted earnings per share of $2.45, beating analysts’ consensus of $1.96. According to data from Benzinga Pro, quarterly revenue of $8.12 billion missed the analyst consensus of $8.15 billion.
Macy’s announced a new strategy, “A Bold New Chapter,” designed to return the company to business growth. The company plans to focus on Macy’s assets by closing approximately 150 underproductive locations by 2026.
Macy’s expects fiscal 24 adjusted earnings per share of $2.45-$2.85 versus estimate of $2.76. The company expects net sales of $22.20-22.90 billion versus guidance of $22.96 billion. Beginning in 2025, Macy’s expects low-single-digit comparable annual property + license + market sales growth and free cash flow to return to pre-pandemic levels.
Macy’s shares fell 6.1% to trade at $18.73 on Wednesday.
These analysts made changes to their price targets on Macy’s after the company reported quarterly results.
- Telsey Advisory Group raised Macy’s price target from $15 to $21. Dana Telsey, analyst at Telsey Advisory Group, maintained the Market Perform rating.
- Goldman Sachs raised Macy’s price target from $16 to $22. Goldman Sachs analyst Brooke Roach maintained a Buy rating.
- Morgan Stanley cut price target on Macy’s from $21 to $20. Morgan Stanley analyst Alexandra Walvis maintained an equal weight rating.
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