Macy’sOn Tuesday, the retailer reported fourth quarter earnings and sales which exceeded analysts’ expectations. It also stated that it had completed a strategic review that has led to the acceleration of its turnaround plans.

This is what it rejects calls from activist firm Jana PartnersFollowing a similar decision by Saks Fifth Avenue, it will be splitting its e-commerce operations and stores.

The department store chain claimed it gained approximately 7.2 million customers during the holiday season. Jeff Gennette, chief executive, said that the department stores chain managed to achieve solid results, despite Covid-19 disruptions, supply chains issues and higher inflation.

This is how Macy’s performed in the fourth quarter, as compared to what analysts expected based upon a Refinitiv survey.

• Earnings Per Share: 2.45 adjusted, vs. expected $2
• Revenu: $8.67B vs. $8.47B expected

The net income for the three months ended January 29th was $742 million or $2.44 per share. This is a significant increase from $160million or 50c per share a year ago. Analysts expected the retailer to earn $2.45 per share, but this was less than the $2 analysts wanted.

The revenue jumped to $8.67 Billion from $6.78 Billion a year ago, surpassing expectations of $8.47 Billion.

Year over year, same-store sales rose by 27.8% on an owner-plus-licensed scale. On a two year basis, the metric increased 6.1%.

Macy’s stock is down about 2 percent year-to-date, at Friday’s closing. It has a market cap of $7.7billion.

Get the complete earnings press release here.

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