Macy’s Inc. reported adjusted earnings per share of $2.75 for the fiscal fourth quarter. This result exceeded the consensus estimate of $2.55.
Full-year net sales remained relatively flat at $22.5 billion despite a challenging retail environment. Inventory levels decreased 3% compared to the previous year. Digital sales stabilized during the period.
CEO Tony Spring’s Bold New Chapter strategy focuses on closing underperforming stores. The plan prioritizes investments in luxury and smaller-format locations.
Macy’s shares surged in pre-market trading as investors signaled a potential brand rebirth.