Macy's may have beat estimates, but it's taking a cautious outlook for the rest of the year.
Inventory was down 10% year over year and down 18% since 2019, as the company cited "ongoing disciplined inventory management and the clearance of excess spring seasonal product."Consumers shied away from the items they bulked up on during the pandemic.
The activewear, casual, and sleepwear categories remain challenged, the company said. Meanwhile, categories like beauty — especially fragrances and prestige cosmetics — as well as women’s career sportswear and men’s tailored clothing saw strong sales in Q2. Over at Bloomingdale's, the brand saw strength at outlet locations and in beauty, women’s contemporary and designer apparel, and shoes. However, sales of handbags, men's apparel, and dresses were "soft.""[Macy's] provides a good read on the state of the middle income consumer. Management has been cautious about the state of the consumer in past earnings calls and was incrementally more cautious in 1Q when it lowered guidance significantly .
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