Macy's reports positive Q4, upbeat outlook

For the fourth quarter, net income at Macy’s Inc. fell to 160 million dollars or 50 cents per share from 340 million dollars or 1.09 dollars per share. The company’s adjusted diluted earnings per share were 80 cents compared to analysts’ expectation of 12 cents per share. Sales doe the quarter dropped to 6.78 billion dollars from 8.34 billion dollars a year ago, while the company’s comparable sales were down 17 percent on an owned basis and down 17.1 percent on an owned plus licensed basis. The company said, digital sales grew 21 percent over fourth quarter 2019, with digital penetration at 44 percent of net sales.