22 February 2022
The Weekly
United States

For the quarter ended Jan. 29, net income rose to $742mn from $160mn in the year-ago period. Operating income rose to $1.02bn, or 11.7% of sales, from $401mn, or 5.9% of sales, in the same period a year ago. Net sales rose to $8.67bn from $6.78bn.

Comparable sales rose 27.8% in the last quarter from the year-ago quarter, and 6.1% from the 2019 quarter. For all of last year, Macy’s Inc. generated $1.43bn in net income, versus a loss of $3.94bn the year before. Net sales rose to $24.46bn, from $17.35bn in the prior year. The company is accelerating Polaris initiatives that include initiatives to continue growing digital sales, private label offerings, and expansion of off-mall, small-format Market by Macy’s and Bloomie’s stores. The corporation increased its quarterly dividend by 5% to $0.1575 a share from the prior dividend of $0.15.

Digital sales increased 12% versus the fourth quarter of 2020 and increased 36% versus the fourth quarter of 2019. Digital penetration was 39% of net sales, a 5%age point decline from the fourth quarter of 2020, but a 9%age point improvement over the fourth quarter of 2019. By division, Macy’s comparable sales were up 26.5% on an owned-plus-licensed basis versus the fourth quarter of 2020, and up 5.2% versus the fourth quarter of 2019. About 7.2 million new customers shopped the Macy’s brand during the quarter, an 11% increase versus the fourth quarter of 2019. During the fourth quarter of 2021, 58% of new customers came through the digital channel.

Bloomingdale’s comparable sales rose 37.6% versus the fourth quarter of 2020, and 13% versus the fourth quarter of 2019. About 391,000 new customers shopped the Bloomingdale’s brand during the quarter, a 26% increase versus the fourth quarter of 2019 and spent 41% more. The company said it continued to see strong performance from luxury throughout the fourth quarter. Results were driven by strong sales of luxury handbags, fine jewellery, men’s shoes and contemporary fashions, fragrances and home. Bluemercury comparable sales were up 30.9% versus the fourth quarter of 2020, and up 3.1% versus the fourth quarter of 2019. The retailer also said it decided not to spin off its digital business, after a review of its operations.

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