BRIEF-Macy’S, Inc. Provides Fourth Quarter 2022 Update Ahead Of The Icr Conference

Jan 6 (Reuters) - Macy's Inc M.N:

• MACY’S, INC. PROVIDES FOURTH QUARTER 2022 UPDATE AHEAD OF THE ICR CONFERENCE

• Q4 NET SALES ARE NOW EXPECTED TO BE AT LOW-END TO MID-POINT OF PREVIOUSLY ISSUED RANGE OF $8,161 TO $8,401 MILLION

• Q4 ADJUSTED DILUTED EARNINGS PER SHARE ARE EXPECTED TO BE IN PREVIOUSLY ISSUED RANGE OF $1.47 TO $1.67

• BLACK FRIDAY/CYBER MONDAY SALES WERE IN LINE WITH EXPECTATIONS, WHILE WEEK LEADING UP TO AND FOLLOWING CHRISTMAS WERE AHEAD

• MACY'S- ON A PERCENTAGE BASIS, Q4 TOTAL END-OF-QUARTER INVENTORIES ARE ON TRACK TO BE SLIGHTLY BELOW LAST YEAR AND DOWN MID-TEENS RELATIVE TO 2019

• LULLS OF NON-PEAK HOLIDAY WEEKS WERE DEEPER THAN ANTICIPATED

• THROUGHOUT SEASON, BLOOMINGDALE'S AND BLUEMERCURY CONTINUED TO OUTPERFORM

• MACY'S - OUR OCCASION APPAREL AND GIFT-GIVING BUSINESS WERE STRENGTHS AND INVENTORY COMPOSITION AND PRICE POINTS ALIGNED WITH CUSTOMERS' NEEDS IN Q4

• BELIEVE CONSUMER TO CONTINUE TO BE PRESSURED IN 2023, PARTICULARLY IN H1, PLANNED INVENTORY MIX AND DEPTH OF INITIAL BUYS ACCORDINGLY

• Q4 EARNINGS PER SHARE VIEW $1.60, REVENUE VIEW $8.31 BILLION -- REFINITIV IBES DATA

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