By Overview: Macy’s Inc., under new strategy dubbed “A Bold New Chapter”, reported a fiscal fourth-quarter earnings beat and outlined plans to boost growth. Despite this positive news, the stock fell 2.8% in premarket trading.
Financial Performance:
- Net Loss: Macy’s reported a net loss of $71 million for the quarter to Feb. 3, a significant improvement from the $508 million loss in the year-ago period.
- Adjusted Earnings: Excluding one-time items, adjusted earnings per share of $2.45 surpassed the FactSet consensus of $1.98.
- Revenue: Total revenue dipped 2.4% to $8.38 billion, exceeding analyst expectations of $8.09 billion.
- Same-Store Sales: Same-store sales decreased by 5.4%, missing expectations of a 4.7% decline.
Future Outlook: For the upcoming fiscal year, Macy’s foresees adjusted EPS ranging from $2.45 to $2.85, aligning closely with the current FactSet consensus of $2.77.
CEO’s Statement: Chief Executive Tony Spring emphasized that the new strategy aims to transform Macy’s into a more modern retailer through various initiatives like revamping sales assortment, nurturing luxury growth, and optimizing the supply chain asset portfolio.
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