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Macy’s, Inc. Reports Second Quarter 2024 Financial Results
August 22,
2024 by Karen Parrish in Business Strategy, Industry 
Macy’s, Inc. reported financial results for the second quarter of 2024 and updated its annual guidance.
“During the second quarter, we delivered strong earnings performance in a challenging consumer environment,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “Our colleagues executed with discipline, supporting gross margin expansion and effective expense control throughout the organization. We are seeing signs of our strategy taking root, including two consecutive quarters of positive comparable sales in Macy’s First 50 locations. We are encouraged by the early traction of our Bold New Chapter and remain committed to returning Macy’s, Inc. to sustainable profitable growth.”
Second Quarter Highlights (comparisons are to the second quarter of 2023)
• Diluted earnings per share of $0.53 and Adjusted diluted earnings per share of $0.53.
• Net sales of $4.9 billion decreased 3.8%.
• Comparable sales down 4.0% on an owned basis and down 3.3% on an owned-plus-licensed plus-marketplace basis.
• Nameplate sales highlights include:
• Other revenue of $159 million increased $9 million.
• Merchandise inventories increased 6.0%.
• Gross margin rate of 40.5% increased 240 basis points.
• Selling, general and administrative (“SG&A”) expense of $2.0 billion decreased $7 million.
• Asset sale gains of $36 million increased $32 million due to an earlier-than-expected non-go forward asset sale.
2024 Guidance
The company updated its annual outlook to reflect a more discriminating consumer and heightened promotional environment relative to its prior expectations. The company believes the outlook range provided gives the flexibility to address the ongoing uncertainty in the discretionary consumer market. The company is reaffirming its annual Adjusted diluted earnings per share outlook. The company continues to view 2024 as a transition and investment year, which includes investments in key customer-focused strategic initiatives. Supported by the company’s strong balance sheet, the company will continue to focus on enhancing gross margin and exercising expense control to protect profitability while navigating ongoing macro headwinds.
The full updated outlook for 2024, presented on a 52-week basis, can be found in the presentation posted to macysinc.com/investors.