Macy's tops expectations for the first quarter as luxury sales shine

FILE - A pedestrian walks near a Macy's store in San Francisco on March 17, 2024. Macy's reports earning on Tuesday, May 21, 2024. – Macy's sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending.

Adjusted per share earnings were 27 cents, much better than the 16 cents that Wall Street was looking for, according to a survey by FactSet.Macy’s comparable sale— those from online channels and from established stores fell 1.2%. The figure excluded licensed businesses like beauty and its third-party marketplace. Including such business the metric was down only 0.3%.

Against this background, Macy's is trying to shore up sales by accelerating the expansion of small-format stores, while closing locations where sales have lagged.through the fall of 2025, nearly tripling the current count to roughly 42 of the new format locations that Macy's believes are more convenient for customers. It's closing 150 unproductive stores over the next three years, a third of them by end of 2024.

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