Macy’s ended 2020 on an upbeat note, with continuous improvement in sales and growth. Their holiday performance contributed significantly to their success, which allowed them to mark three consecutive quarters of advancement. The department store giant has recently released their financial results for the full year of 2020 and fourth quarter, both of which surpassed initial estimates. Fourth quarter highlights include:
- Net income of $160 million, or $0.50 per share
- Adjusted EPS at $0.80 per share
- Sales of 6.78 billion
“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.Macy’s omnichannel performance has created a strong foundation for the future of their brand. The company is using their brick-and-mortar stores as fulfillment centers to help complete online orders. Approximately 25% of Macy’s digital sales were fulfilled from stores according to their report. The company’s quarterly inventory was down 27% year-over-year; however, this puts them in a healthy position. Macy’saggressively reduced excess inventory levels and continuously improved visual presentations in their stores throughout the quarter. Macy’s ended 2020 in a strong liquidity position. Throughout 2021 Macy plans to focus on recovery and rebuilding, with a possibility to top $20 billion in sales. Source: Macy’s Inc. Press Release 2/23/21 Photo Credit: Macy’s Media Assets
—About Macy’s, Inc. Macy’s, Inc. (NYSE: M) is one of the nation’s premier omni-channel fashion retailers. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York. For more information, please visit www.macysinc.com.