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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).