Macy's, Inc. (M.US) Q4 guidance falls short of expectations, stock price drops in pre-market trading.

Macy's, Inc.(M.US) released its latest data for the holiday season before attending the ICR conference in Orlando, Florida this week. Due to fourth quarter guidance falling short of market expectations, the stock was down in pre-market trading. The department store chain stated on Monday that so far this quarter, its forward-looking business has achieved comparable sales growth, with the top 50 stores and luxury brands Bloomingdale's and Bluemercury continuing to show positive sales trends. Macy's, Inc. also reported comparable sales growth in its digital channels. Comparable sales for Macy's, Inc. in the quarter to date have been flat, with performance below expectations in the non-top 50 stores (including underperforming stores), resulting in negative comparable sales growth. In terms of guidance, Macy's, Inc. expects adjusted diluted earnings per share for the fourth quarter to be in the range of $1.40 to $1.65, consistent with previous expectations. The midpoint of $1.525 is lower than the market's expectation of $1.57. Macy's, Inc. anticipates net sales to be slightly below the lower end of the previously announced range of $7.8 billion to $8 billion, with market expectations at $7.83 billion. CEO Tony Spring stated, "Our 'Bold New Chapter' strategy continues to gain momentum, positioning us for continuous comparable sales growth. With the ongoing positive response to Macy's, Inc.'s top 50 stores, we are excited to expand the plan to an additional 75 stores in the 2025 fiscal year." Macy's, Inc. will release its fourth quarter and full-year financial reports for the fiscal year 2024 in early March. As of the time of writing, Macy's, Inc. was down 2.51% in pre-market trading, at $15.443.