Company news: Macy's (M) quarterly results beat analysts’ expectations

Macy's (M) reported Q1 FY2024 earnings of $0.27 per share (versus $0.56 per share in Q1 FY2023), beating analysts’ consensus estimate of $0.16 per share.

The company’s quarterly revenues amounted to $4.846 bln (-2.7% y/y), slightly beating analysts’ consensus estimate of $4.818 bln.

The company also issued in-line guidance for FY2024, seeing EPS of $2.55-2.90 versus analysts’ consensus estimate of $2.65 and up from its prior guidance of $2.45-2.85 and revenues of $22.3-22.9 bln versus analysts’ consensus estimate of $22.48 bln.

M rose to $19.70 (+3.14%) in pre-market trading.