Macy’s Q4 results tops analysts’ estimates, completes review

Published February 22, 2022 5:47 AM

By ANNE D’INNOCENZIO
The Associated Press

NEW YORK (AP) — Macy’s is reporting strong fourth-quarter sales and profits that exceeded Wall Street estimates even as the department store chain faced numerous challenges from supply chain issues to labor shortages and inflation. The New York company also said that it would not spin off its ecommerce division from its physical stores, rejecting a push from an activist investor Jana to separate the businesses to create better value. The company reported profits of $742 million, or $2.44 per share, for the three-month period ended Jan. 29. That compares with $160 million, or 50 cents per share, in the year-earlier period. Adjusted earnings were $2.45 per share. Revenue rose nearly 30% to $8.66 billion.