Macy’s has reported financial results for both Q4 and fiscal 2021.
“Our results in the fourth quarter delivered a strong end to a solid year. I am proud that Macy’s, Inc. outperformed expectations on both the top and bottom lines every quarter in 2021, despite COVID-19 related disruptions, supply chain issues, labor shortages and elevated inflation. Our business has momentum and is serving more customers at more touchpoints in their shopping journey,” said Jeff Gennette, Chairman and Chief Executive Officer at Macy’s, Inc.
Fourth Quarter Highlights:
Comparable sales up 28.3% on an owned basis and up 27.8% on an owned-plus-licensed basis versus the fourth quarter of 2020; up 6.6% and up 6.1%, respectively, versus the fourth quarter of 2019.
Approximately 7.2 million new customers shopped the Macy’s brand during the quarter, an 11% increase versus the fourth quarter of 2019.
Diluted earnings per share of $2.44 and Adjusted diluted earnings per share of $2.45 both exceeded expectations for the quarter.
Full-Year 2021 Highlights:
Comparable sales up 43.0% on an owned basis and up 42.9% on an owned-plus-licensed basis versus 2020; up 3.1% and up 3.0%, respectively, versus 2019.
Macy’s brand active customer count increased 18% over 2020 and 1% over 2019 to 44 million.
For the full year, after eliminating repeat visits between quarters, Macy’s new customers increased 40% over 2020 and 26% over 2019 to 19.4 million.
Gross margin for the year was 38.9%, up from 29.2% in 2020 and up 70 basis points from 2019.
“Our team began the large-scale work of transforming Macy’s, Inc. two years ago when we launched the Polaris strategy, and today we believe the evidence is clear – our business is stronger, more agile, and financially healthier. We are more digitally led and customer centric and believe we are better positioned for long-term sustainable and profitable growth,” added Gennette.
Source: Macy’s Press Release
Photo Credit: Macy’s Media Assets
