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Macy's At Westfield UTC In San Diego
(Kevin Carter/Getty Images)

Macy’s sinks to lowest level since 2023 after issuing disappointing outlook

The former retail titan is buttoning up for chillier sales this year.

Nia Warfield

Macy’s shares fell as much as 3% on Thursday morning after the once iconic department store chain delivered mixed fourth-quarter results along with an underwhelming outlook.

Earnings per share hit $1.80, topping the company’s prior guidance as well as Wall Street’s estimate of $1.53. But revenue fell 4% to $7.77 billion for the quarter, missing estimates of $7.87 billion. Meanwhile, comparable sales across Bloomingdale’s, beauty retailer Bluemercury, and Macy’s banner stores also fell 1.1% during the holiday quarter. By itself, Bluemercury shined, notching its 16th straight quarter of comparable sales growth, up 6.2% for the quarter.

Looking ahead, Macy’s expects full-year adjusted earnings per share to come in between $2.05 and $2.25, well below FactSet analyst estimates of $2.64. Macy’s shares are down nearly 35% over the past year and hit their lowest level since November 2023 this morning.

Despite a few bright spots, Macy’s faces hurdles ahead. On the earnings call, CEO Tony Spring said that while inventories are in good shape for the first quarter, the rest of the year will be managed on a “case-by-case” basis due to ongoing tariff concerns. In December, activist investor Barington Capital pressured the retailer to sell its luxury brands and capitalize on its valuable real estate properties. 

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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