WASHINGTON (dpa-AFX) - Macy's, Inc. reported Tuesday a loss in its fourth
quarter, compared to prior year's profit, amid weak sales. The latest results
were hit by around $1 billion charge mainly related to the around 150 store
closures planned as part of its newly announced strategy, A Bold New Chapter.

Further, the Omni-channel fashion retailer issued fiscal 2024 outlook, expecting
weak profit and sales. The company said the outlook reflects continued
operational progress and investments in key customer-focused initiatives in
support of its new strategy.

In pre-market activity on the NYSE, Macy's shares were losing around 3 percent
to trade at $18.74.

Regarding its new strategy, the company said A Bold New Chapter is designed to
return the firm to enterprise growth. As part of this, the company would close
around 150 underproductive locations over the next three years, including
approximately 50 by the end of the fiscal year. It will prioritize investment in
around 350 go-forward locations and the continued expansion of small-format
stores.

Further, as part of the strategy, around 15 Bloomingdale's nameplate stores and
at least 30 new Bluemercury stores will be opened in new and existing markets
over the next three years. There will be roughly 30 Bluemercury remodels.

With the new strategy, beginning in 2025, Macy's expects annual Adjusted EBITDA
dollar growth in the mid-single-digit range and low-single-digit annual
comparable Owned + Licensed + Marketplace sales growth.

For fiscal 2024, the company projects adjusted earnings per share of $2.45 to
$2.85 and net sales of $22.2 billion to $22.9 billion. In fiscal 2023, adjusted
earnings were $3.50 per share on net sales of $23.09 billion.

Analysts on average expect the company to report earnings of $2.76 per share on
sales of $22.96 billion, according to figures compiled by Thomson Reuters.
Analysts' estimates typically exclude special items.

Comparable owned plus licensed plus marketplace sales are expected to be down
around 1.5 percent to up 1.5 percent versus 2023

In its fourth quarter, net loss was $71 million, compared to prior year's profit
of $508 million. Loss per share were $0.26, compared to profit of $1.83 a year
ago.

The latest results included $1.0 billion of impairment, restructuring and other
costs primarily related to actions that support profitable growth and market
share gains, and align with its new strategy of A Bold New Chapter.

Around $950 million non-cash asset impairment charge is primarily related to the
approximately 150 locations planned for closure over the next three years and
the remaining associated with corporate assets.

Adjusted earnings were $685 million or $2.45 per share for the period, compared
to last year's $524 million or $1.88 per share.

Net sales fell 1.7 percent to $8.12 billion from $8.26 billion in the same
period last year.

Analysts expected the company to report earnings of $1.96 per share on sales of
$8.15 billion for the quarter.

Comparable sales, on a 13-week basis, were down 5.4 percent on an owned basis
and down 4.2 percent on an owned-plus-licensed basis.

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