Macy's strong holiday season brightens lackluster year
Macy’s reveals revamping plan to woo investors
FOX Business’ Kristina Partsinevelos reports on Macy’s closing over 100 stores and its plans to reformat stores and improve fashion choices.
Macy’s reported better-than-expected fourth-quarter results and reiterated its guidance, driving shares higher.
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The Cincinnati-based retailer's profit fell 54 percent year-over-year to $340 million, or $1.09 a share, in the last three months of fiscal 2019.
Adjusted earnings were $2.12 a share on revenue of $8.34 billion, topping the $1.96 and $8.3 billion that analysts surveyed by Refinitiv were expecting. Sales fell 0.6 percent at stores the company owns and 0.5 percent when sites operated by license-holders were included.
For the full year, Macy’s earned $564 million as sales slid 1.6 percent to $24.56 billion.
“Taken as a whole, 2019 did not play out as we intended for Macy's,” CEO Jeff Gennette said in a statement. “However, we executed well during the Holiday 2019 season."
Sales in the 10 shopping days before Christmas showed a "meaningful" uptick, he said, fueling significant improvements in the last three months of the year.
"Together with disciplined expense management, our solid sales results in the fourth quarter allowed us to deliver stronger-than-expected earnings results," Gennette said. "Importantly, we exited the year with a clean inventory position."
This story is developing. Check back for updates.
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