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## Macy’s Financial Performance and Future Outlook


The Macy’s logo is seen at its store in Herald Square in New York City on Jan. 19, 2024. Michael M. Santiago | Getty Images

### Financial Results
#### Earnings per share and Revenue
– Earnings per share: $2.45 adjusted vs. $1.96 expected
– Revenue: $8.12 billion vs. $8.15 billion expected

The retailer announced a stagnant sales forecast, with projected net sales of $22.2 billion to $22.9 billion for the current fiscal year, down from $23.09 billion in 2023. Macy’s anticipates comparable sales to range from a decline of 1.5% to a gain of 1.5% compared to the previous year.

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### CEO’s Strategy
Macy’s new CEO, Tony Spring, envisions a brighter future for the company by focusing on product quality, value, and improved merchandising in their stores. Spring aims to enhance customer conversion rates and market share through strategic initiatives.

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### Operational Changes
To revamp their retail footprint, Macy’s plans to close unproductive locations while emphasizing investments in about 350 other stores. The retailer also aims to expand its luxury offerings by opening new Bloomingdale’s and Bluemercury stores over the next three years.

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### Future Projections
For the upcoming fiscal year, Macy’s expects low-single digit sales growth and decreased capital spending. The company plans to operate more efficiently, evaluate e-commerce warehouses, and manage cash flow. Macy’s remains vigilant amidst activist investor scrutiny and strategic board nominations.

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