11:11 AM EDT, 08/21/2024 (MT Newswires) -- (Updates to include Macy's recent stock movement in the headline and first paragraph.)

Macy's (M) shares fell 13% in recent Wednesday trading after the company cut its fiscal 2024 revenue outlook.

The revenue guidance was reduced to $22.1 billion to $22.4 billion from $22.3 billion to $22.9 billion projected May 21, the company said Wednesday. Analysts polled by Capital IQ expect $22.48 billion.

Fiscal Q2 adjusted diluted earnings rose to $0.53 a share from $0.26 a year earlier. Analysts polled by Capital IQ expected $0.29.

Revenue in the quarter ended Aug. 3 fell to $5.10 billion from $5.28 billion a year earlier. Analysts surveyed by Capital IQ expected $5.05 billion.

The company reaffirmed fiscal 2024 adjusted diluted EPS guidance of $2.55 to $2.90. Analysts surveyed by Capital IQ expect $2.78.

Price: 15.43, Change: -2.31, Percent Change: -13.02