**Macy’s, Inc.** reported better-than-expected earnings for the fourth quarter on Wednesday, boosted by deep discounts that lured shoppers to its stores and website. **Q4 2023 Earnings Summary:** * Net sales decreased 2.4% to $8.28 billion, missing analyst estimates of $8.32 billion. * Comparable sales, a key metric for retailers, fell 2.1%, slightly better than the 2.5% decline anticipated by analysts. * Diluted earnings per share came in at $1.97, surpassing the consensus forecast of $1.88. **Full-Year 2023 Performance:** * Net sales for the full year declined 5.6% to $23.6 billion. * Comparable sales decreased 4.3%. * Diluted earnings per share totaled $4.98, a significant drop from the $7.66 reported in the previous year. **Strategic Initiatives and Outlook:** In response to the challenging retail environment, Macy’s has been implementing several strategic initiatives to improve its performance, including: * **Increased focus on value and promotions:** The company has expanded its discount offerings and loyalty programs to attract cost-conscious shoppers. * **Expansion of off-price business:** Macy’s has been growing its off-price chain, Macy’s Backstage, to cater to bargain-hunting consumers. * **Enhancement of omnichannel experience:** The company has invested in its website and mobile app to provide a seamless shopping experience across all channels. * **Optimization of store portfolio:** Macy’s has been closing underperforming stores and renovating existing locations to create more modern and engaging shopping environments. Looking ahead, Macy’s CEO Jeff Gennette expressed cautious optimism about the company’s prospects: > .
Macy’s Earnings Beat Forecasts as Discounts Entice Shoppers
