THE WHAT? Macy’s has announced its results for the fourth quarter of fiscal 2023. The US department store owner saw net sales drop 1.7 percent to US$8.1 billion, versus the same period in 2022.

THE DETAILS The company announced a new strategy, dubbed A Bold New Chapter, aimed at repositioning the company, enhancing customer experience and delivering growth. Diluted loss per share stood at US$0.26 versus earnings per share of US$1.83 the prior year, including US$1 billion of impairment restructuring and other costs related to actions that align with the new strategy.  

THE WHY? Tony Spring, Chief Executive Officer of Macy’s, Inc, comments, “I am grateful to all our teams for their continued commitment to our customers during the holiday season. Throughout the fourth quarter, we delivered an improved omnichannel experience, with effective merchandising and a clear demonstration of value that resulted in a strong close to the year. Our portfolio of iconic and globally recognized nameplates, healthy balance sheet and fortified operations position us to execute A Bold New Chapter. This strategy is designed to create a more modern Macy’s, Inc. that is expected to generate meaningful value for our shareholders in the years ahead.”