梅西百货找到了新的选择：盈利下降，前景上升，但关税仍在紧缩

Macy’s Inc (NYSE:M) shares are trading higher on Thursday after the retailer reported better-than-expected second-quarter earnings and raised its fiscal outlook.

• M stock is racing ahead of the pack. Get the inside scoop here.

Net sales reached $4.81 billion for the quarter, down 2.5% year over year, beating the consensus of $4.76 billion. Company brass expected between $4.65 billion and $4.75 billion.

Macy’s also raised its 2025 earnings guidance from $1.60-$2.00 to $1.70-$2.05 versus the consensus of $1.79.

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Macy’s expects a third-quarter adjusted loss of 15-20 cents per share versus the consensus loss of 20 cents.

Telsay Advisory Group analyst Dana Telsey reiterated the Market Perform rating on the stock. She also raised the price forecast from $14 to $17.

With its so-called “Bold New Chapter” strategy, Macy’s plans to shut 150 weak stores. While cutting underperforming stores should help long-term margins, Telsey cautioned that near-term sales and profit growth remain uncertain due to tariff risks and a tough retail backdrop.

Macy’s also plans to expand luxury by 20%, and aims for $750 million in asset sales over three years. She described these steps as a sensible repositioning given uneven performance across banners.

The company now expects tariffs to reduce FY25 EPS by roughly 25 cents–40 cents, more than previously forecast, with gross margin pressured by 40–60 basis points versus the prior 20–40 bps outlook. Management said the higher impact reflects earlier receipts under the 145% China tariffs that hit the second quarter, as well as recent inventory buys.

At the end of last year, about 20% of Macy’s merchandise came from China, including 18% of national brands and 27% of private brands, down from 32% in FY24 and over 50% before the pandemic.

To mitigate the effect, the company is renegotiating supplier terms, adjusting order volumes, evaluating pricing strategies, and diversifying sourcing.

Most of the incremental tariff-related pressure on margins and EPS is expected in the fourth quarter.

Factoring in second quarter results, updated guidance, and tariff assumptions, full-year FY25 EPS is now projected at $1.95, slightly above the prior $1.90 estimate, the analyst writes.

Price Action: M shares are trading higher by 3.04% to $16.78 at last check Thursday.

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