2/23, 1:02 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's Q4 net sales at $6.78B, down by 18.67% YoY

Macy's Inc. reported its net sales in the fourth quarter of 2020 landed at $6.78 billion, declining by 18.67% in comparison to the same period last year but still exceeding expectations.

The company's net income in the fourth trimester stood at $160 million, decreasing by 52.94% on an annual level. Meanwhile, its diluted earnings per share (EPS) worsened by 54.12% year-on-year, from $1.09 to $0.50, but still beat market expectations.

"Macy's Inc.'s fourth quarter results exceeded our expectations across all three of our brands, as we showed continued quarter-to-quarter sales performance improvements and returned to profitability," Macy's Chairman and Chief Executive Officer (CEO) Jeff Gennette said. "Performance was driven by the home, beauty, jewelry and watch categories, growth in digital sales and by acquiring new customers."

The company's shares went up by 2.42% in the premarket trading following the release of the report.

Breaking the News / JR