Q3 24 EPS
$N/A
Q3 24 Revenue
$4.74B
vs S&P Since Q3 24
+35.4%
BEATING MARKET
M +60.2% vs S&P +24.8%
Market Reaction
Did M Beat Earnings? Q3 2024 Results
Macy's delivered a turbulent preliminary third quarter, with net sales falling 2.4% year-over-year to $4.74 billion as weakness across its non-First 50 locations, digital channels, and cold weather categories weighed on results, but the headline numb… Read more Macy's delivered a turbulent preliminary third quarter, with net sales falling 2.4% year-over-year to $4.74 billion as weakness across its non-First 50 locations, digital channels, and cold weather categories weighed on results, but the headline numbers were quickly overshadowed by a jarring disclosure: a single employee had intentionally concealed between $132 million and $154 million in cumulative small package delivery expenses dating back to Q4 2021, prompting the company to delay its full earnings release. The fraud, uncovered during internal review, had no impact on cash management or vendor payments, and the employee has since been terminated, but the irregularity forced Macy's to push its complete Q3 results and fiscal 2024 guidance update to no later than December 11, 2024. Bright spots within the portfolio offered some reassurance, as Bloomingdale's grew owned comparable sales 1.0% and Bluemercury extended its comparable sales growth streak to fifteen consecutive quarters at 3.3%, while management noted November comparable sales were tracking ahead of Q3 levels across all nameplates.
Key Takeaways
- • Macy's First 50 locations delivered third consecutive quarter of comparable sales growth at 1.9%
- • Bloomingdale's comparable sales up 3.2% on owned-plus-licensed-plus-marketplace basis driven by contemporary apparel, beauty and digital
- • Bluemercury achieved 15th consecutive quarter of comparable sales growth at 3.3% driven by breadth of skincare offerings
- • Fragrances, dresses and men's and women's active apparel were strong at Macy's nameplate
- • Asset sale gains of $66 million exceeded expectations due to accelerated monetization of non-go-forward assets
- • Macy's Media Network revenue grew 13.9% on higher advertiser and campaign counts
M YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
M Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered third quarter sales in line with expectations as we continued to make traction on our Bold New Chapter strategy initiatives. Our Macy's First 50 locations achieved their third consecutive quarter of comparable sales growth. At the same time, our luxury brands, Bloomingdale's and Bluemercury, reported positive comparable sales. Importantly, November comparable sales are trending ahead of third quarter levels across nameplates.”
— Tony Spring, Q3 2024 Earnings Press Release
M Earnings Trends
M vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
M EPS Trend
Earnings per share: estimate vs actual
M Revenue Trend
Quarterly revenue: estimate vs actual
M Quarterly Results
11 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $0.03 | $0.13 | +359.36% | $4.89B | +6.06% |
| Q4 26 BEAT FY | $1.56 | $1.67 | +6.85% | $7.92B | +5.43% |
| FY Full Year | $2.20 | $2.32 | +5.29% | $22.62B | +4.57% |
| Q3 26 BEAT | $-0.13 | $0.09 | +168.18% | $4.91B | +7.78% |
| Q2 26 BEAT | $0.19 | $0.41 | +119.72% | $5.00B | +6.31% |
| Q1 26 BEAT | $0.15 | $0.16 | +6.60% | $4.79B | +8.26% |
| Q4 25 BEAT FY | $1.54 | $1.80 | +16.68% | $8.01B | +3.24% |
| FY Full Year | — | $2.64 | — | $23.01B | — |
| Q3 25 BEAT | $0.03 | $0.04 | +58.73% | $4.90B | +3.91% |
| Q2 25 BEAT | $0.30 | $0.53 | +76.67% | $5.10B | -0.44% |
| Q1 25 BEAT | $0.15 | $0.27 | +80.00% | $5.00B | +2.85% |
| Q4 24 BEAT FY | $1.96 | $2.45 | +25.00% | $8.38B | +2.71% |
| FY Full Year | — | $3.50 | — | $23.87B | — |
| Q3 24 | — | — | — | $4.74B | — |