Macy's posts weak Q1 earnings

 

Macy's posted Q1 net sales of $5B, down 6.8% YoY.  The firm's e-commerce sales fell by 8% YoY. Macy's overall comparable sales fell 7.9%. Merchandise inventory fell 7% YoY due to "disciplined inventory management," according to the company. Macy's predicted net sales of between $22.8B and $23.2B for 2023. The company previously anticipated net sales of $23.7B to $24.2B for the year. Comparable sales are expected to fall between 6% and 7.5%.