Summary by Moomoo AI
Macy's Inc. reported fiscal 2024 revenue of $22.3 billion, down 3.5% from $23.1 billion in 2023, with comparable sales declining 2.0% on an owned basis. Net income was $582 million or $2.07 per diluted share, compared to $45 million or $0.16 per share in 2023. Digital sales remained stable at 33% of net sales.The company announced its "A Bold New Chapter" strategy, focusing on three key priorities: strengthening the Macy's nameplate through store rationalization and investment in approximately 350 go-forward locations, accelerating luxury growth through Bloomingdale's and Bluemercury, and modernizing operations. Bloomingdale's achieved its strongest fourth quarter comparable sales growth in history with a 2.5% increase, while Bluemercury marked its 16th consecutive quarter of growth.The company ended the year with $1.3 billion in cash and cash equivalents, up from $1.0 billion in 2023. As part of the new strategy, Macy's closed 64 underperforming locations in fiscal 2024, exceeding its original target of 50 stores. The company's First 50 locations outperformed the rest of the fleet by approximately 320 basis points, led by strong performance in ready-to-wear, beauty, and women's shoes.
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