NEW YORK (AP) — Macy's is tempering its sales outlook for the fiscal fourth quarter after shoppers spent less than expected during the lull between Thanksgiving weekend and the final days before Christmas.
The New York-based department store chain, which also operates upscale Bloomingdale's and Bluemercury stores, said Friday that sales for the November-to-January period will fall in the low end to midpoint of its expected range of $8.16 billion to $8.4 billion. The company's adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macy's said.
“Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly, " said Macy's CEO Jeff Gennette in a statement.
Analysts expect Macy's fourth-quarter sales to reach $8.3 billion and earnings per share of $1.61, according to FactSet.
The company is slated to report final fourth-quarter figures in early March.
Shares slipped more than 3% in after market trading when Macy's announced the update.
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