**Macy’s, Inc.** reported better-than-expected earnings for the fourth quarter on Tuesday and announced plans to close 125 stores, as the department store chain looks to overhaul its business amid shifting consumer habits and growing competition from online retailers.
**Financial Performance**
The company reported fourth-quarter net income of $541 million, or $2.44 per share, compared with $469 million, or $2.16 per share, a year earlier. Adjusted earnings per share came in at $2.48, exceeding analysts’ estimates of $2.39, according to Refinitiv data.
Net sales fell 0.7% to $8.58 billion in the quarter ended February 2, missing analysts’ average estimate of $8.61 billion. Comparable sales declined 0.7%, slightly better than the 0.8% drop analysts had forecast.
**Strategic Initiatives**
The earnings report comes as Macy’s is implementing a three-year plan called .
