Macy’s reported another quarter of dropping sales as a new CEO looks to engineer a comeback.
The company on Tuesday posted revenue and earnings that were better than the low expectations Wall Street had set for the 165-year-old retailer, which recently rejected a $5.8 billion buyout offer from one of its shareholders, Arkhouse, and its partner Brigade Capital Management.
In the fourth quarter, Macy’s revenue declined 1.7% year over year to $8.12 billion, slightly above estimates of $8.11 billion. Its digital sales decreased by 4%, while same-store sales were down 5.4%.
The retailer clocked $685 million in net income, above the expected $554 million, while its adjusted earnings per share (EPS) of $2.45 beat the expected $1.99.
At its namesake Macy’s chain, same-store sales dropped 6% as consumers pulled back on discretionary goods like women’s shoes and cold-weather apparel. But they continued spending on beauty products like fragrances and cosmetics.
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