**Macy’s, Inc. (NYSE:M) outperformed analysts’ expectations in the fourth quarter of fiscal 2023.**.
**Key Financial Highlights:**.
* Net sales: $8.26 billion, up 0.4% year-over-year (YoY).
* Comparable sales: Increased by 0.7% YoY.
* Diluted earnings per share (EPS): $1.92, exceeding the consensus estimate of $1.83.
* Adjusted EPS: $2.44, above the Street’s estimate of $2.38.
**Driving Factors:**.
* **Strategic Promotions:** Macy’s implemented targeted promotions and discounts, attracting a larger number of shoppers to its stores and website..
* **Inventory Management:** The company effectively managed its inventory levels to meet customer demand and minimize markdowns..
* **Digital Growth:** Macy’s continued to invest in its e-commerce platform, resulting in a 7.4% increase in digital sales during the quarter..
**Customer Engagement:**.
Macy’s focused on enhancing customer engagement through:.
* **Loyalty Program:** The company expanded its loyalty program to offer exclusive rewards and personalized experiences..
* **In-Store Events:** Macy’s hosted in-store events and collaborations with popular brands to create a unique and memorable shopping environment..
* **Mobile App:** The Macy’s mobile app provided customers with convenient access to product information, promotions, and order tracking..
**Outlook:**.
For fiscal 2024, Macy’s expects:.
* Net sales between $24.4 billion and $24.9 billion.
* Comparable sales growth in the range of 2.5% to 3.5%.
* Adjusted EPS of $4.05 to $4.30.
**CEO’s Comments:**.
Macy’s CEO, Jeff Gennette, stated: .
