Macy’s, Inc. (NYSE:M) shares are trading lower in premarket on Monday after the Department store chain provided an update on its fiscal fourth-quarter guidance.

The company expects fourth-quarter net sales to reach, or slightly fall below, the lower end of the previously projected outlook of $7.8 billion – $8.0 billion and compared to the estimate of $7.885 billion.

The company now anticipates its adjusted earnings per share for the fourth quarter to remain within its earlier forecast of $1.40 – $1.65 against the estimate of $1.57.

The retailer reported quarter-to-date comparable sales growth in its go-forward business, including Macy’s First 50 locations and luxury brands like Bloomingdale’s and Bluemercury.

Digital sales also saw an uptick in comparable sales for the period. However, Macy’s comparable sales were roughly flat quarter-to-date with non-First 50 locations, including non-go-forward locations, performing below expectations and generating negative comparable sales.

Also Read: British Retail Giant Marks & Spencer Warns Of Economic Challenges Despite Strong Sales Growth In Food And Retail

Macy’s outlook comes amid a push to build momentum through its “Bold New Chapter” strategy. Announced in February 2024, this strategy aims to improve profitability by eliminating underperforming locations and focusing resources on its more successful stores.

Tony Spring, chairman and CEO of Macy’s, said, “Reflecting ongoing positive response to Macy’s First 50 locations, we are excited to expand initiatives to an additional 75 Macy’s locations in Fiscal 2025.”

“We are well-positioned to build momentum with a stronger Macy’s store fleet and our teams focused on the successful execution of the three pillars of our Bold New Chapter strategy.”

Macy’s plans to release its fourth-quarter and year-end results in early March 2025.

Price Action: M shares are trading lower by 1.71% at $15.57 in premarket on the last check Monday.

Read Next:

• Beer Maker Constellation Brands’ Q3 Sales Hit By Subdued Spending

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