(Macy’s) Macy’s Inc. raised its quarterly dividend by 5% and announced a $2 billion share repurchase after posting earnings that surpassed estimates.
The company recorded revenues of $8.67 billion in the fourth quarter, surpassing expected $8.47 billion and prior year’s $6.78 billion. FY21 revenues were $24.46 billion, from $17.35 billion in the prior year.
Macy’s said that its comparable sales rose 28.3% on an owned basis in the fourth quarter from the prior year. Digital sales improved by 12% in the same period.
The company reported a net income of $742 million in the fourth quarter, up from $160 million in the prior year. The company swung into a net profit of $1.43 billion in FY21, from a loss of $3.944 billion in the prior year.
The retailer announced that 7.2 million new customers used the Macy’s brand, an increase of 11% from the fourth quarter of 2019.
Macy’s projects net sales ranging from $24.46 billion to $24.70 billion in FY22, beating expectations of $24.23 billion.
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