**Macy’s Earnings Top Forecasts as Promotions Attract Shoppers**
**New York, United States** – Department store chain Macy’s Inc. reported better-than-expected earnings for the fourth quarter of fiscal 2023, driven by strong sales growth and effective promotional campaigns that attracted shoppers.
**Financial Performance:**
– Net sales increased by 5.6% year-over-year to $5.56 billion, exceeding analysts’ expectations of $5.43 billion.
– Comparable sales, a key metric for retailers, surged by 6.1%, outperforming the consensus estimate of 4.3%.
– Net income rose by 12.5% to $485 million, translating to earnings per share of $2.44, surpassing the forecasted $2.16 per share.
**Promotional Strategies:**
– Macy’s implemented various promotional strategies to drive sales, including markdowns, loyalty programs, and targeted email campaigns.
– The company focused on offering deeper discounts on popular items and leveraging its loyalty program to reward repeat customers.
– The effective execution of these campaigns resulted in increased customer traffic and higher average transaction values.
**Category Performance:**
– Apparel sales, Macy’s largest category, grew by 5.8%, driven by strong demand for casual and occasion wear.
– Home goods sales surged by 7.6%, reflecting increased consumer spending on home furnishings and décor.
– Jewelry sales increased by 2.9%, supported by demand for fine and fashion jewelry.
**Outlook:**
– Macy’s remains cautiously optimistic about its financial performance in 2024 despite macroeconomic headwinds.
– The company plans to continue investing in its online platform, store upgrades, and loyalty programs to enhance the customer experience.
– Macy’s also expects to benefit from its recently announced partnership with Toys .
