Macy’s, Inc reported results for the fourth quarter and fiscal 2018 and provided annual sales and earnings guidance for fiscal 2019.
Net income attributable to the company’s shareholders was at $740 million, while Net sales declined by 2.5% to $8.46 bn.
“2018 was an important year for Macy’s, Inc. as we changed the trajectory of the company and delivered positive comparable sales for the full year. I’m pleased with the impact of our strategic initiatives, particularly as they gained traction in the back half of the year,” said Jeff Gennette, Macy’s, Inc. chairman & chief executive officer. “Looking at the fourth quarter of 2018, while we delivered positive comparable sales against what was a strong holiday season in 2017, results were lower than our expectations.
2019 strategic Initiatives to drive growth
The company will carry three of its 2018 strategic initiatives forward and add two new areas of focus in 2019:
Growth150: Expand growth investment strategy to another 100 stores.
Backstage: Add Backstage locations to 45 Macy’s stores and deliver positive comparable sales for the Backstage stores previously opened.
Vendor Direct: Build on the success of the 2018 launch with continued aggressive expansion of vendors and SKUs.
Mobile: Continue ‘mobile first’ strategy. Strategically enhance the Macy’s mobile app with new features and functions to deliver outsized growth in mobile sales.
Destination Businesses: Invest in areas where the company already has strong market share to drive disproportionate growth. These categories are dresses, fine jewelry, big ticket, men’s tailored, women’s shoes and beauty.
Macy’s, Inc. is one of the nation’s premier retailers, with fiscal 2018 sales of $24.971 billion and approximately 130,000 employees