Macy's non-GAAP EPS at $2.45, Tops Estimate by $0.46, on Revenue of $8.12 billion, Higher by $30 million.

Macy's (M) just released its scheduled earnings report: its Q4 non-GAAP earnings per share were $2.45, beating estimates by $0.46. Revenue came in at $8.12 billion (-1.7% YoY), posting an increase of $30 million from the year-ago period.

Gross profit margin in the period was 37.5%, which represented an increase of 3.4 percentage points YoY. Digital sales were down 4% compared to the same period of 2022, while classic retail sales were approximately the same as in Q4 2022.

Macy's also announced plans to close 150 stores but to expand its Bloomingdale's and Bluemercury chains as part of the retailer's plan to revive its fortunes and embark on a “bold new chapter”, since it’s been trying hard to fend off an upcoming takeover bid. That number represents about one-third of Macy's total U.S. stores, which will reduce the company's store count to about 350. Macy's said about 50 stores will be closed by the end of the fiscal year.