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Following a review, the company also decided against a push by activist investor Jana Partners to separate its digital business. “We are more confident in our path forward as one integrated company,” Chief Executive Jeff Gennette said.
After a strong start to the holiday season in November, retailers grappled with a double whammy of an early start to holiday shopping and the Omicron variant, which sent U.S. retail sales tumbling by the most in 10 months in December.
However, Macy’s (NYSE:M) efforts to speed up shipments and order products earlier in the year to stock up for the holidays, the most important time of the year for retailers, helped it counter the hit from a dull December.
Same-store sales at Macy’s owned stores open for at least a year surged 28.3% in the fourth quarter ended Jan. 29, topping analysts’ average estimate of a 24.8% increase, according to Refinitiv data.
