3/2/2023, 12:41 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's net sales down 4.6% to $8.3 billion in Q4

Macy's Inc. announced Thursday that net sales for the fourth quarter of 2022 stood at $8.3 billion, down by 4.6% compared to the same quarter of 2021; however, the result is better than expected. For the entire year, the company's net sales fell only by 0.1% to $24.4 billion on an annual basis.

Net income for the quarter decreased to $508 million, and it increased to $1.2 billion for the year. Regarding diluted earnings per share (EPS), Macy's said the quarter closed at $1.83; for the year, it came in at $4.19. The company expects fiscal 2023 net sales to be between $23.7 billion to $24.2 billion.

"We successfully navigated 2022 from a position of financial and operational strength. Despite an increasingly volatile macroeconomic climate, through the ongoing execution of our Polaris strategy, we remained agile, pivoted to meet customer demand, and elevated our approach to inventory management," said Jeff Gennette, Chairman and Chief Executive Officer of Macy's Inc.

Baha Breaking News (BBN) / JG