Macy’s Fourth-Quarter Results Exceed Company Expectations via Strong Digital Sales Growth
NEW YORK CITY — Macy’s Inc. (NYSE: M) reported fourth-quarter results that exceeded the company’s expectations, thanks to 21 percent year-over-year growth in digital sales across all of its brands. In addition, the department store chain reported that comparable in-store sales during the period that included the holiday shopping season were down 17 percent. However, that performance beat the company’s projections, and contributed to Macy’s posting its first profitable quarter in a year, CNBC reported. Product categories such as home beauty and jewelry led the pronounced spike in digital sales, and Macy’s CEO Jeff Gennette said that the company anticipates that within the next three years, it will reach $10 billion in annual online revenue. In February 2020, the company announced that it planned to close 125 underperforming stores, or about 20 percent of its total count, by early 2023. Macy’s stock price opened at $15.31 per share on Tuesday, Feb. 23, down slightly from $15.68 per share a year ago.