Macy's, Inc. has recently released its annual report, providing a comprehensive overview of its financial performance and strategic direction. The company, founded in 1830 and based in New York, operates a range of retail stores, websites, and mobile applications under the Macy's, Bloomingdale's, and bluemercury brands, offering a variety of merchandise including apparel, cosmetics, home furnishings, and consumer goods.
Macy's highlighted its fiscal year 2023 performance, where it took proactive actions to fortify its operations, including strengthening its balance sheet, managing expenses, and improving inventory productivity. The company reported a 6.9% decrease in comparable sales on an owned basis and a 6.0% decrease on an owned-plus-licensed basis. Other revenue, consisting of net credit card revenue and Macy's Media Network revenue, decreased by $233 million to $774 million. The gross margin rate increased to 38.8%, while selling, general & administrative expenses decreased to $8,375 million, or 35.1% of net sales. Net income was $105 million, a significant decrease from the previous year.
In 2023, Macy's focused on its five growth vectors, which included initiatives such as launching new private brands, opening small format stores, expanding its digital marketplace, and accelerating luxury growth. The company also announced its new strategy, "A Bold New Chapter," which aims to return the company to enterprise growth, unlock shareholder value, and better serve its customers over the next three years.
f you want to know more, read the company's complete 10-K report here.
