(Amended: corrects and replaces FY14 as FY24 in the headline) Macy's Inc. (M), an omni-channel fashion retailer, reported Tuesday that its first-quarter net income fell to $62 million from last year's $155 million.
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Macy's shares are climbing after reporting better-than-expected Q1 adjusted EPS and raising its FY24 outlook. Despite a 2.7% year-on-year sales decline to $4.846 billion, Macy's adjusted EPS of $0.27 beat the $0.15 consensus. The company updated its FY24 sales forecast to $22.3B-$22.9B and adjusted EPS guidance to $2.55-$2.90, reflecting strong customer response to their new strategy.
Macy's shares gained Tuesday after the retailer reported first-quarter earnings that indicated its turnaround plan involving 150 store closures appears to be working.