From CNBC:

Macy’s reported a nearly 2% sales decrease for the holiday quarter. The retailer projects stagnant sales and anticipates net sales of $22.2 to $22.9 billion this fiscal year. New CEO Tony Spring plans store closures, luxury focus, and efficiency improvements to propel growth by early 2025. Activist investors challenge Macy’s board. Earnings per share exceeded expectations, while revenue fell and losses included $1 billion in restructuring costs. Macy’s plans to close 150 locations and invest in luxury stores like Bloomingdale’s and Bluemercury. Bloomingdale’s and Bluemercury saw mixed comparable sales results, while Macy’s suffered declines. Net credit card revenue dropped by 26%. Macy’s stock has fallen 4% this year, underperforming the S&P 500’s 6% gains.



Read more at CNBC: Macy’s (M) Q4 2023 earnings