Macy's, Inc. reported its financial results for the 13 and 26 weeks ended August 3, 2024, showing a mixed performance compared to the previous fiscal period. For the 13 weeks, net sales decreased to $4,937 million from $5,130 million in the same period last year, while total revenue also fell to $5,096 million from $5,280 million. However, the company achieved a significant improvement in profitability, with operating income rising to $222 million from $124 million, and net income reaching $150 million, a turnaround from a net loss of $22 million in the prior year. Basic earnings per share for the quarter were $0.54, compared to a loss of $0.08 in the previous year.

For the 26-week period, net sales decreased to $9,783 million from $10,112 million, and total revenue fell to $10,096 million from $10,453 million. Operating income for this period was $346 million, down from $368 million, but net income increased to $212 million from $133 million. Basic earnings per share rose to $0.77 from $0.49.

The company noted a decrease in digital sales, which accounted for 29% of net sales in the latest quarter, down from 30% in the previous year. Despite this, Macy's reported strong performance in specific product lines, particularly in fragrances and women's ready-to-wear apparel. The company also highlighted the success of its "First 50 Stores" initiative, which contributed to a 600 basis point increase in Net Promoter Scores.

Macy's continues to implement its "A Bold New Chapter" strategy, which includes plans to close approximately 55 underperforming locations by fiscal 2024, an increase from the previously estimated 50 closures. The company opened five new small format stores in the second quarter, bringing the total to 18, with plans to reach 24 by the end of the fiscal year.

Financially, Macy's reported total current assets of $5,707 million as of August 3, 2024, a decrease from $6,089 million at the beginning of the year. Total assets also declined to $15,833 million from $16,246 million. Shareholders' equity increased to $4,303 million from $4,137 million in the previous quarter.

The company did not repurchase any shares during the first half of 2024, maintaining $1,375 million available under its share repurchase authorization. Additionally, Macy's reported a decrease in net cash provided by operating activities to $137 million from $271 million in the first half of 2023, while capital expenditures were reduced to $432 million from $564 million, focusing on digital and technology investments.