Macy’s has reported earnings and sales that beat analysts’ expectations amid a sales uptick in the days leading up to Christmas. Net income totaled $340 million, or $1.09 a share, in the quarter ended February 1, down from $740 million, or $2.37 a share, in the year-ago period. Adjusted per-share earnings came to $2.12, easily topping Street estimates of $1.96.
‘Taken as a whole, 2019 did not play out as we intended for Macy’s, Inc. However, we executed well during the Holiday 2019 season. We were pleased with the significant trend improvement in the fourth quarter, including a meaningful sales uptick in the 10 shopping days before Christmas.’ – Jeff Gennette, CEO said in a statement.
