Macy's, Inc. reported a decline in financial performance for the fiscal year ending February 1, 2025, with total revenue of $23.0 billion, down from $23.9 billion in the previous year. The company's net sales decreased by 3.5% to $22.3 billion, attributed to ongoing macroeconomic challenges and the impact of a 53rd week in the prior fiscal year, which contributed an additional $252 million to 2023's sales. The company recorded a net income of $582 million, a significant increase from $45 million in 2023, largely due to improved operating income of $909 million compared to $301 million the previous year.
In terms of strategic developments, Macy's has initiated its "A Bold New Chapter" strategy, which aims to enhance customer experience and drive growth. This includes the closure of approximately 150 underperforming stores, with 64 closures executed in 2024. The company also launched the "First 50" store initiative, which has shown positive sales growth, outperforming other locations. Digital sales remained stable, accounting for 33% of total net sales, while the company continues to invest in its digital and omni-channel capabilities.
Operationally, Macy's employed approximately 94,189 full-time and part-time employees as of February 1, 2025, with a workforce that is 66% ethnically diverse and 73% female. The company has focused on enhancing its private label offerings and expanding its luxury segments through Bloomingdale's and Bluemercury, both of which reported sales growth. The company also opened 32 new stores across various formats in 2024, contributing to its geographic expansion efforts.
Macy's financial outlook remains cautious, with management acknowledging the challenges posed by inflation, interest rates, and changing consumer behaviors. The company plans to continue its focus on digital growth and operational efficiency while navigating the complexities of the retail environment. The Board of Directors has declared a quarterly dividend of 18.24 cents per share, reflecting the company's commitment to returning capital to shareholders while balancing investments in growth initiatives.
About Macy's, Inc.
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