The New York company, whose Chicago flagship location is on State Street, also said that it would not spin off its ecommerce division from its Macy’s and Bloomingdale’s stores, rejecting a push from activist investor Jana to separate the businesses to create better value, similar to what Saks Fifth Avenue did early last year. The decision followed a comprehensive review, Macy’s said.
People walk by a Macy's retail location in Philadelphia, Tuesday, Feb. 22, 2022. Macy's is reporting strong fourth-quarter sales and profits that exceeded Wall Street estimates even as the department store chain faced numerous challenges from supply chain issues to labor shortages and inflation. Gennette said inflationary cost pressures, both for the retailer and consumers, supply chain disruptions, competition for talent, and potential COVID variants would remain threats to the business, but he says he’s confident Macy’s will be able to navigate them because of its agility and its financial health.Macy’s earned $742 million, or $2.44 per share, for the three-month period ended Jan. 29. That compares with $160 million, or 50 cents per share, in the year-earlier period.
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