Macy’s Exceeds Expectations in Q3 2023

Macy’s Inc. has shared its financial results for the third quarter of 2023 and updated its annual guidance—and beauty was strong across its brands.
Net sales for the quarter were $5 billion, down 7% versus the third quarter of 2022.
The Macy’s nameplate saw strength in beauty, particularly fragrances and prestige cosmetics, women’s career sportswear, men’s tailored and off-price with Backstage, while women’s casual sportswear, big ticket and handbags were challenged.
The Bloomingdale’s nameplate also saw strength across beauty, women’s contemporary apparel, shoes and the Bloomingdale’s outlet locations, while men’s, home and designer handbags were soft.
Additionally, the Bluemercury nameplate saw strength in skincare and color cosmetic categories.

Updated Guidance

The company updated its annual sales and earnings outlook to reflect third quarter results.
Net sales are now expected to be within the range of $22.9 billion to $23.2 billion.
“I’d like to thank our teams for executing well during the quarter. We delivered better-than-expected top and bottom line third quarter results and are entering the holiday period in a healthy inventory position,” said Jeff Gennette, chairman and chief executive officer of Macy’s Inc, who is retiring in 2024.
Gennette added, “Looking forward we have strong continuity with Tony Spring transitioning to CEO in February and I am confident he and our leadership team will guide Macy’s, Inc. to sustainable long-term profitable sales growth in the future.”

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