"Performance" Macy's last quarter revenue exceeded expectations and will raise prices on some products to offset tariff impacts

Macy's (M.US) announced a net profit of $38 million for the first fiscal quarter ending May 3, with adjusted earnings per share of 16 cents, slightly above the market expectation of 14 cents; revenue was $4.6 billion, also exceeding expectations. The company indicated that it will raise prices on some products to offset tariffs and has lowered its full-year profit forecast.

The company stated that due to increased tariffs, more promotional activities, and a slowdown in discretionary spending, it has revised its full-year profit expectations downward but maintains its full-year sales forecast unchanged. Approximately 20% of the company's products come from China, and it will raise prices on some products and stop selling certain items to mitigate the impact of tariffs.

Macy's currently expects adjusted earnings per share for the full year to be between $1.60 and $2.00, down from the previous forecast of $2.05 to $2.25. It reaffirms its full-year sales expectation of $21 billion to $21.4 billion