Macy's announced a lowered annual profit forecast amidst challenges from President Trump's tariffs, projecting adjusted earnings per share of $1.60 to $2 for 2025. CEO Tony Spring indicated that tariff impacts contribute to this adjustment. The company anticipates a decline in annual sales, reaffirming expectations of $21 billion to $21.4 billion. While Macy's reported earnings exceeding expectations, comparable sales at renovated stores saw a decrease. Spring's turnaround plan focuses on closing underperforming locations and enhancing customer experience at selected stores, with a careful approach to pricing amidst competitive pressures.
Macy's plans a cautious pricing strategy, raising prices on select items only due to challenges from tariffs and consumer spending slowdown.
Macy's CEO mentioned the necessity for surgical pricing tactics to manage the impact of tariffs while maintaining competitive positioning.
The company's revised earnings per share forecast reflects ongoing pressures from tariffs, consumer spending trends, and competitive promotions across the retail landscape.
Despite expectations for a slight revenue decline, Macy's earnings exceeded predictions as part of its ongoing turnaround strategy.
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