Macy's expects sales to fall this year, even as store revamp shows progress

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Macy’s

on Wednesday gave a cautious outlook for the year ahead, despite beating Wall Street’s quarterly sales and profit expectations as its namesake brand showed signs of progress.

For the fiscal year, the company – which includes its namesake chain, higher-end department store Bloomingdale’s and beauty retailer Bluemercury – said it expects sales of between $21.4 billion and $21.65 billion and adjusted earnings per share of $1.90 to $2.10.

Both of those would represent a drop from this past fiscal year, when revenue totaled $21.8 billion and adjusted earnings per share were $2.15. Macy’s sales outlook roughly matched or exceeded analysts’ expectations of $21.42 billion, but its adjusted earnings guidance came in shy of Wall Street’s expectations of $2.17 per share for the year, according to LSEG.