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Macy’s Beats Expectations with Q4 Results
Macy’s, Inc. on Tuesday reported its first quarterly profit in a year as fourth-quarter performance exceeded expectations. However, for the Midtown Manhattan-based retailer, those positive results included a year-over-year decline in same-store sales that was smaller than analysts or Macy’s projected.
CEO Jeff Gennette said, “Performance was driven by the home, beauty, jewelry and watch categories, growth in digital sales and by acquiring new customers. Our investments in digital innovation continued to pay off in the quarter, with digital sales up 21% from 2019.”
As the company emphasizes an omnichannel model, “We anticipate annual digital sales to reach $10 billion within the next three years, and that digital will become an even more profitable contributor to our business,” said Gennette. “Additionally, we exited the quarter with a lower cost base and a strong liquidity position, supported by a $3-billion asset-based lending facility that we have not drawn upon.”
