“Our results in the fourth quarter delivered a strong end to a solid year. I am proud that Macy’s, Inc. outperformed expectations on both the top and bottom lines every quarter in 2021, despite COVID-19 related disruptions, supply chain issues, labor shortages and elevated inflation,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Our business has momentum and is serving more customers at more touch points in their shopping journey.”
For Macy’s omni-channel markets, more than 58 per cent of the markets with stores saw omni-channel sales growth over the fourth quarter of 2019 levels, representing 80 per cent of comparable owned plus licensed sales, and with more than half of them growing 10 per cent or more, the company said in a press release.
“We generated $2.3 billion in free cash flow this year – a significant amount that allowed us to return capital to shareholders through our measured capital allocation plan while meaningfully improving the health of our balance sheet,” said Adrian Mitchell, chief financial officer of Macy’s, Inc. “The strength of our financial position offers the flexibility in 2022 to continue investing in growth opportunities, navigate the dynamic macro environment with agility, and further deliver on our commitment to enhance shareholder value.”
In 2021, the retailer’s comparable sales rose 43.0 per cent on an owned basis and up 42.9 per cent on an owned-plus-licensed basis versus 2020; up 3.1 per cent and up 3.0 per cent. Digital sales increased 13 per cent versus 2020 and increased 39 per cent versus 2019
“Our team began the large-scale work of transforming Macy’s, Inc. two years ago when we launched the Polaris strategy, and today we believe the evidence is clear – our business is stronger, more agile, and financially healthier. We are more digitally led and customer centric and believe we are better positioned for long-term sustainable and profitable growth,” Gennette continued. “Thanks to the hard work of our colleagues, successful execution of Polaris, and the strategic allocation of our capital, we believe we are well-positioned to successfully navigate the macro-economic headwinds we expect in 2022.”
ALCHEMPro News Desk (RR)
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