Macy's said adjusted earnings for the three months ending in January, the group's fiscal fourth quarter, came in at 80 cents per share, down 62% from last year but firmly ahead of the Street consensus forecast of a 7 cent bottom line. Group net sales, Macy's said fell 18.7% to $6.78 billion, but again topped analysts' estimates of a $6.5 billion tally.
“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,” said Jeff Gennette, chairman and chief executive officer. “Performance was driven by the home, beauty, jewelry and watch categories, growth in digital sales and by acquiring new customers. Our investments in digital innovation continued to pay off in the quarter, with digital sales up 21% from 2019. We anticipate annual digital sales to reach $10 billion within the next three years, and that digital will become an even more profitable contributor to our business. Additionally, we exited the quarter with a lower cost base and a strong liquidity position, supported by a $3 billion asset-based lending facility that we have not drawn upon.”
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