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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| M | MACY’S INC. | 15.45 | -0.78 | -4.81% |
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.
