A Restructuring Macy’s Reports Tough Year With Some Late Momentum

Macy’s Inc., entering a year of massive restructuring, reported net income of $340 million for the fourth quarter ended Feb. 1, a steep drop from the $740 million earned in the 2018 fourth quarter. However, the retailer said it pulled off a good fourth quarter, saw momentum in the ten days before Christmas and has entered 2020 with clean inventories. Sales reached $8.34 billion in the latest quarter, slightly less than the $8.46 billion in the 2018 quarter. Comparable sales were down 0.5 percent. For 2019 overall, net income was $564 million versus $1.11 billion in 2018. Sales were $24.56 billion versus $24.97 billion. “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,” said Jeff Gennette, chairman and chief executive officer. “We were pleased with the significant trend improvement in the fourth quarter, including a meaningful sales increase uptick in the ten shopping days before Christmas. Together with disciplined expense management, our solid sales results in the fourth quarter allowed us to deliver stronger than expected earnings results. Importantly, we ended the year in a clean inventory position.” On Feb 4, Macy’s Inc. revealed a dramatic, massive restructuring and three

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