Macy’s Inc reported a better-than-expected quarterly profit on Tuesday as heavy discounting attracted shoppers to its stores and helped it reduce excess inventory. The company’s net income fell to $248 million, or $1.05 per share, in the three months ended Jan. 28, from $280 million, or $1.18 per share, a year earlier. Excluding one-time items, Macy’s earned $1.42 per share, beating analysts’ average estimate of $1.33, according to Refinitiv data. Net sales fell 1.8% to $5.56 billion, as a 3.5% decline in comparable sales was partly offset by new store openings. Analysts had expected net sales of $5.53 billion. Challenges persist for the department store chain as it faces intense competition from online retailers and off-price chains such as TJ Maxx and Burlington. Macy’s Chief Executive Officer Jeff Gennette said the results reflected the company’s progress in transforming its business, focusing on a more personalized and convenient shopping experience. .
Macy’s Q4 Earnings Beat Estimates on Strong Sales, Lower Costs
