Macy's Inc. (M), Bloomingdale's, Q4 results, store closings, small format store investments, Bluemercury store openings and more from earnings.
Macy’s Inc.’s, amid declining sales in a volatile retail climate, is springing into action to deliver what investors and customers have been waiting for: change.
Beginning in 2025, low-single-digit annual comparable owned and licensed marketplace sales growth, annual SG&A dollar growth below the historic rate of inflation of 2 to 3 percent, and annual adjusted EBITDA dollar growth in the midsingle-digit range. “We had a decent quarter relative to the landscape and certainly from a bottom-line and gross margin perspective, we greatly improved from a year ago,” Spring said in interview with WWD.Investors reacted positively to the results and the new strategy, pushing Macy’s stock price up 3.8 percent, or 65 cents, to $19.95 on Tuesday.
Spring said some of the strategies of the past were right for the time, some were impacted by the pandemic, and some served different purposes. But he said the new plan is “consumer-led” based on in-depth research into what consumers want, what they are shopping for and where, demographics, and analysis into store performances. Certain stores to be closed are four-wall profitable, though not profitable enough to warrant further investment and could be subject to worsening market conditions.
During the interview with WWD, the CEO emphasized assortment changes on the horizon. “Opportunities exist in women’s ready-to-wear and center core through both private and market brands, he said. Among other advancements, Spring said Macy’s will launch a new men’s private brand in the spring; other private brands are undergoing “reinventions,” and some private brands are being dropped, he said. With private label, “Our intent to refresh the entire portfolio by the end of 2025.
The company lost $0.26 on a diluted loss per share basis, but on an adjusted basis yielded a positive $2.45. This compares to diluted earnings per share of $1.83 and adjusted diluted earnings per share of $1.88 in the fourth quarter of 2022. For the year, Macy’s Inc. generated $105 million in net income and sales of just over $23 billion. That compares to a net of $1.18 billion and sales of just over $24.4 billion in 2022. EBITDA came to $1.16 billion last year, versus $2.57 billion in 2022. Diluted earnings per share of $0.38 and adjusted diluted earnings per share of $3.50 in 2023 compares to a diluted earnings per share of $4.19 and adjusted diluted earnings per share of $4.48 in 2022.bid $5.8 billion to buy Macy’s Inc.
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