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Macy’s beats earnings estimates, as turnaround plan shows early progress

Macy’s fiscal first-quarter earnings surpassed Wall Street's expectations on Tuesday, with revenue aligning closely with analyst predictions, signaling early positive effects from its ongoing turnaround strategy. The department store operator has subsequently raised its full-year earnings forecast, reflecting the robust first-quarter performance and the lower end of its sales outlook. CFO and COO Adrian Mitchell indicated during Macy’s earnings call that the company anticipates consumers will continue to face financial pressure for the remainder of the year. However, he expressed optimism that the retailer would gain momentum through its strategic initiatives both online and in physical stores.

On the earnings call, CEO Tony Spring emphasized that Macy’s is still in the "early innings" of revamping its namesake stores. Investments in 50 of Macy’s stores have led to increased customer visits and higher sales volumes. The company has enhanced customer service by ensuring the presence of sales associates in key areas like fitting rooms, shoe departments, and jewelry counters. Additionally, Macy’s has introduced new brands such as Donna Karan and expanded offerings from French Connection, Free People, and Hugo Boss. Efforts to draw customers include personal styling sessions, fashion shows, and fragrance bottle engraving services, which have positively impacted customer engagement and sales.

Financial Performance

For the fiscal first quarter, Macy’s reported adjusted earnings per share of 27 cents, surpassing Wall Street’s expectation of 15 cents, based on a survey by LSEG. The company’s revenue was $4.85 billion, slightly below the anticipated $4.86 billion. Despite the positive earnings report, net income for the three-month period ending May 4 plummeted 60% to $62 million, or 22 cents per share, compared to $155 million, or 56 cents per share, in the previous year’s quarter. Net sales decreased from $4.98 billion in the year-ago period, marking the fifth consecutive quarter of year-over-year sales declines.

Macy’s now forecasts net sales between $22.3 billion and $22.9 billion for the full year, down from $23.09 billion in 2023. It expects comparable sales to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis, including third-party marketplace sales. This is an improvement from the previous outlook, which anticipated a decline of up to 1.5%. Adjusted earnings per share are now projected to be between $2.55 and $2.90, up from the earlier forecast of $2.45 to $2.85.

Strategic Turnaround and Investments

Macy’s is strategically downsizing to boost sales growth. The company, which also owns Bloomingdale’s and the beauty chain Bluemercury, announced earlier this year plans to close about 150 of its namesake stores, representing over a quarter of its locations. This includes five store closures and more than 2,300 layoffs announced in January. Despite these reductions, Macy’s is investing in more successful segments of its business, including the approximately 350 Macy’s stores that will remain open, and plans to expand its Bloomingdale’s and Bluemercury locations, along with smaller Macy’s stores in suburban strip malls.

In the first quarter, both Bloomingdale’s and Bluemercury outperformed Macy’s namesake brand. Bluemercury’s comparable sales rose 4.3%, while Bloomingdale’s saw a 0.3% increase on an owned-plus-licensed basis, including third-party marketplace sales. In contrast, Macy’s comparable sales declined 0.4% on the same basis. The company attributed the underperformance to the 150 Macy’s stores slated for closure by early 2027. Among the 350 Macy’s stores that will stay open, comparable sales were up 0.1%, with the first 50 stores receiving additional investment showing a 3.4% increase in comparable sales.

Customer Engagement and Market Position

Macy’s is also focusing on attracting millennial and Gen Z shoppers by launching new exclusive brands and revitalizing existing ones. The company faces the additional challenge of a takeover bid by activist investor Arkhouse Management and Brigade Capital, which has proposed taking Macy’s private. The proxy battle concluded in April with Macy’s agreeing to add two new board members.

As of Tuesday, Macy’s shares closed at $20.08, giving the company a market value of $5.53 billion. Year-to-date, the company’s stock performance has remained flat, trailing behind the S&P 500’s gains of approximately 11% during the same period.

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All insurance companies are accepted including

Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!

States We Service

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

AutoGlass Services Provided

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

#1 Free Windshield Replacement Service in Arizona and Florida!

Our services include free windshield replacements, door glass, sunroof and back glass replacements on any automotive vehicle. Our service includes mobile service, that way you can enjoy and relax at the comfort of home, work or your choice of address as soon as next day.


Schedule Appointment Now or Call (813) 951-2455 to schedule today.

Areas Served in Florida

Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale, Destin, Naples, Key West, Sarasota, Pensacola, West Palm Beach, St. Augustine, FT Myers, Clearwater, Daytona Beach, St. Petersburg, Gainesville, Kissimmee, Boca Raton, Ocala, Panama City, Panama City Beach, Miami Beach, Bradenton, Cape Coral, The Villages, Palm Beach, Siesta Key, Cocoa Beach, Marco Island, Vero Beach, Port St. Lucie, Pompano Beach, Florida City, Punta Gorda, Stuart, Crystal River, Palm Coast, Port Charlotte and more!

Areas Served in Arizona

Phoenix, Sedona, Scottsdale, Mesa, Flagstaff, Tempe, Grand Canyon Village, Yuma, Chandler, Glendale, Prescott, Surprise, Kingman, Peoria, Lake Havasu City, Arizona City, Goodyear, Buckeye, Casa Grande, Page, Sierra Vista, Queen Creek and more!

We work on every year, make and model including

Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!

All insurance companies are accepted including

Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!

States We Service

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

AutoGlass Services Provided

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

#1 Free Windshield Replacement Service in Arizona and Florida!

Our services include free windshield replacements, door glass, sunroof and back glass replacements on any automotive vehicle. Our service includes mobile service, that way you can enjoy and relax at the comfort of home, work or your choice of address as soon as next day.


Schedule Appointment Now or Call (813) 951-2455 to schedule today.

Areas Served in Florida

Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale, Destin, Naples, Key West, Sarasota, Pensacola, West Palm Beach, St. Augustine, FT Myers, Clearwater, Daytona Beach, St. Petersburg, Gainesville, Kissimmee, Boca Raton, Ocala, Panama City, Panama City Beach, Miami Beach, Bradenton, Cape Coral, The Villages, Palm Beach, Siesta Key, Cocoa Beach, Marco Island, Vero Beach, Port St. Lucie, Pompano Beach, Florida City, Punta Gorda, Stuart, Crystal River, Palm Coast, Port Charlotte and more!

Areas Served in Arizona

Phoenix, Sedona, Scottsdale, Mesa, Flagstaff, Tempe, Grand Canyon Village, Yuma, Chandler, Glendale, Prescott, Surprise, Kingman, Peoria, Lake Havasu City, Arizona City, Goodyear, Buckeye, Casa Grande, Page, Sierra Vista, Queen Creek and more!

We work on every year, make and model including

Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!

All insurance companies are accepted including

Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!

States We Service

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

AutoGlass Services Provided

Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair

Macy’s beats earnings estimates, as turnaround plan shows early progress

Macy’s fiscal first-quarter earnings surpassed Wall Street's expectations on Tuesday, with revenue aligning closely with analyst predictions, signaling early positive effects from its ongoing turnaround strategy. The department store operator has subsequently raised its full-year earnings forecast, reflecting the robust first-quarter performance and the lower end of its sales outlook. CFO and COO Adrian Mitchell indicated during Macy’s earnings call that the company anticipates consumers will continue to face financial pressure for the remainder of the year. However, he expressed optimism that the retailer would gain momentum through its strategic initiatives both online and in physical stores.

On the earnings call, CEO Tony Spring emphasized that Macy’s is still in the "early innings" of revamping its namesake stores. Investments in 50 of Macy’s stores have led to increased customer visits and higher sales volumes. The company has enhanced customer service by ensuring the presence of sales associates in key areas like fitting rooms, shoe departments, and jewelry counters. Additionally, Macy’s has introduced new brands such as Donna Karan and expanded offerings from French Connection, Free People, and Hugo Boss. Efforts to draw customers include personal styling sessions, fashion shows, and fragrance bottle engraving services, which have positively impacted customer engagement and sales.

Financial Performance

For the fiscal first quarter, Macy’s reported adjusted earnings per share of 27 cents, surpassing Wall Street’s expectation of 15 cents, based on a survey by LSEG. The company’s revenue was $4.85 billion, slightly below the anticipated $4.86 billion. Despite the positive earnings report, net income for the three-month period ending May 4 plummeted 60% to $62 million, or 22 cents per share, compared to $155 million, or 56 cents per share, in the previous year’s quarter. Net sales decreased from $4.98 billion in the year-ago period, marking the fifth consecutive quarter of year-over-year sales declines.

Macy’s now forecasts net sales between $22.3 billion and $22.9 billion for the full year, down from $23.09 billion in 2023. It expects comparable sales to range from a decline of about 1% to a gain of 1.5% on an owned-plus-licensed basis, including third-party marketplace sales. This is an improvement from the previous outlook, which anticipated a decline of up to 1.5%. Adjusted earnings per share are now projected to be between $2.55 and $2.90, up from the earlier forecast of $2.45 to $2.85.

Strategic Turnaround and Investments

Macy’s is strategically downsizing to boost sales growth. The company, which also owns Bloomingdale’s and the beauty chain Bluemercury, announced earlier this year plans to close about 150 of its namesake stores, representing over a quarter of its locations. This includes five store closures and more than 2,300 layoffs announced in January. Despite these reductions, Macy’s is investing in more successful segments of its business, including the approximately 350 Macy’s stores that will remain open, and plans to expand its Bloomingdale’s and Bluemercury locations, along with smaller Macy’s stores in suburban strip malls.

In the first quarter, both Bloomingdale’s and Bluemercury outperformed Macy’s namesake brand. Bluemercury’s comparable sales rose 4.3%, while Bloomingdale’s saw a 0.3% increase on an owned-plus-licensed basis, including third-party marketplace sales. In contrast, Macy’s comparable sales declined 0.4% on the same basis. The company attributed the underperformance to the 150 Macy’s stores slated for closure by early 2027. Among the 350 Macy’s stores that will stay open, comparable sales were up 0.1%, with the first 50 stores receiving additional investment showing a 3.4% increase in comparable sales.

Customer Engagement and Market Position

Macy’s is also focusing on attracting millennial and Gen Z shoppers by launching new exclusive brands and revitalizing existing ones. The company faces the additional challenge of a takeover bid by activist investor Arkhouse Management and Brigade Capital, which has proposed taking Macy’s private. The proxy battle concluded in April with Macy’s agreeing to add two new board members.

As of Tuesday, Macy’s shares closed at $20.08, giving the company a market value of $5.53 billion. Year-to-date, the company’s stock performance has remained flat, trailing behind the S&P 500’s gains of approximately 11% during the same period.

Blogs & News

Stay up to date on all AutoGlass, free windshield replacements and News in the states of Florida & Arizona

Blogs & News

Stay up to date on all AutoGlass, free windshield replacements and News in the states of Florida & Arizona