Macy’s has shown signs of progress in its turnaround efforts, with comparable sales in its top 50 stores increasing by 0.8% for the fourth consecutive quarter. Despite this, the company’s overall performance was mixed. For the fiscal fourth quarter ending February 1, Macy’s reported a net income of $342 million, or $1.21 per share, a significant improvement from the previous year’s loss of $128 million, or 47 cents per share. Adjusted earnings were $507 million, or $1.80 per share. However, sales fell by 4% to $7.77 billion from $8.12 billion the year before, partly due to an extra selling week in the prior year.
The company’s Bloomingdale’s and Blue Mercury brands saw positive growth with comparable sales up by 4.8% and 6.2% respectively, while the Macy’s namesake banner struggled with a 1.9% decline. CEO Tony Spring’s strategy includes closing 150 underperforming stores and investing in the remaining 350 to improve customer experience. For fiscal 2025, Macy’s anticipates adjusted earnings per share between $2.05 and $2.25, with sales expected between $21 billion and $21.4 billion, both below Wall Street’s expectations.
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