Macy’s on Thursday reported a Q4 net sales decline of 4.6% to $8.3 billion, with comps down 2.7%. Comparable sales at namesake Macy’s fell 3.3%, at Bloomingdale’s rose 0.6%, and at Bluemercury rose 7.2%.
Gross margin shrank to 34.1% from 36.5% a year ago. Merchandise margin declines were largely from higher markdowns and promotions necessitated by competition and inventory management. Inventory was down about 3% versus 2021 and about 18% versus 2019.
Net income tumbled 31.5% to $508 million, according to a company press release.Retail Dive