Macy’s, Inc. Reports First Quarter 2022 Results

*Comparable sales up 12.8% on an owned basis and up 12.4% on an owned-plus-licensed basis
*Diluted EPS of $0.98 and Adjusted diluted EPS of $1.08
*Increased financial flexibility through a number of financing transactions
*Repurchased $600 million of shares under $2 billion share repurchase program
*Reaffirmed annual sales guidance and raised Adjusted diluted EPS guidance

Macy’s, Inc. (NYSE: M) today reported financial results for the first quarter of 2022 and updated its annual guidance.

“Our company delivered solid results in the first quarter despite a challenging operating environment. We delivered strong earnings, beating our estimates, and sales that were in line with our expectations. While macroeconomic pressures on consumer spending increased during the quarter, our customers continued to shop. We saw a notable shift back to occasion-based apparel and in-store shopping, as well as continued strength in sales of luxury goods. Our omnichannel ecosystem, which spans the value spectrum, has supported our ability to flex our wide assortment of categories, products and brands to capture consumer demand despite the volatile environment,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “As we look ahead to the rest of 2022, we remain focused on our customers and the successful execution of our Polaris long-term growth strategy. We believe that the efficiencies we built into our business enable us to navigate through the current uncertain macro environment.”
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