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Macy’s, Inc. Reports Q4: EPS Beats Guidance, Net Sales Decline

Macy’s, Inc. (NYSE: M) reported its financial results for the fourth quarter of fiscal year 2024, showcasing mixed outcomes. The company achieved a GAAP diluted earnings per share (EPS) of $1.21, while its adjusted EPS stood at $1.80, surpassing its prior guidance range.

However, net sales for the quarter fell by 4.3% to $7.8 billion, with comparable sales down 1.1% on an owned basis but up slightly by 0.2% when including licensed and marketplace sales. This nuanced performance reflects the varied success across different segments of Macy’s operations. The company’s First 50 locations reported a 0.8% increase in comparable sales on an owned basis, and a 1.2% rise when including licensed sales.

Bloomingdale’s and Bluemercury outperformed, with Bloomingdale’s recording a 4.8% growth in owned comparable sales and 6.5% when including licensed and marketplace sales. Bluemercury continued its growth trajectory with a 6.2% increase in comparable sales.

Despite these successes, the overall sales decline was primarily due to underperformance in non-First 50 and non-go-forward locations. Macy’s ended the year with $1.3 billion in cash, up $272 million from the previous year, and generated nearly $1.3 billion in operating cash flow. The company also announced plans to resume share buybacks, contingent on market conditions, under its remaining $1.4 billion share repurchase authorization.

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