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Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’s
Plus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
Macy’s is making progress on its “Bold New Chapter” turnaround strategy.
New York—Macy’s Inc. closed out the year on a promising note as it continues with its “Bold New Chapter” turnaround strategy.
Announced in February 2024, the plan includes closing 150 underperforming Macy’s locations over a three-year period as it looks to reach sustainable, profitable sales growth.
The retailer is aiming to streamline its store network to around 350 locations.
Macy’s reported its Q4 and full-year results on Wednesday, noting some improvements.
Its quarterly net sales fell 2 percent year-over-year to $7.6 billion, exceeding its guidance, though the store closures did impact sales.
On the bright side, its comps were up 2 percent, also surpassing its guidance, while its net income jumped nearly 50 percent to $507 million.
For the full year, Macy’s net sales were down 2 percent to $21.8 billion, returning to positive comps with 2 percent growth.
Notably, it saw comp sales growth at its “Reimagine 125” revamped locations. Though it began with 125 locations, it has expanded to 200.
“As we wrap up year two of the Bold New Chapter, I’m pleased with the growth and progress we’re making against our strategic priorities,” said Macy’s CEO and Chairman Tony Spring.
“At Macy’s, we are offering more relevant brands, stronger storytelling, and investing in our colleagues so we can better serve the customer.”
Another part of its turnaround strategy was to expand its luxury brands, with plans to open 15 Bloomingdale’s stores and 30 Bluemercury locations by this year.
Bloomingdale’s, in particular, was a bright spot on its balance sheet, with Q4 net sales up 9 percent and comps up 10 percent. For the year, sales were up 6 percent, with comps up 7 percent.
“Bloomingdale’s exceptional performance underscores its ability to elevate the customer experience and capture demand across premium contemporary to luxury businesses,” said Spring.
Analysts have noted the ongoing bankruptcy at Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, may have had a hand in Bloomingdale’s success, according to Retail Dive.
On the earnings call, Spring said “I feel strong about the opportunity for Bloomingdale's. The disruption in the marketplace only gives more fuel to the fire.”
“The vendor community has rallied around Bloomingdale's like never before. They are delivering for their customers at an exceptional level right now.”
Bluemercury also performed well in Q4, with net sales up 3 percent and comps up 1 percent. For the year, sales were up 3 percent and comps were up 2 percent.
Related stories will be right here …
Announced in February 2024, the plan includes closing 150 underperforming Macy’s locations over a three-year period as it looks to reach sustainable, profitable sales growth.
The retailer is aiming to streamline its store network to around 350 locations.
Macy’s reported its Q4 and full-year results on Wednesday, noting some improvements.
Its quarterly net sales fell 2 percent year-over-year to $7.6 billion, exceeding its guidance, though the store closures did impact sales.
On the bright side, its comps were up 2 percent, also surpassing its guidance, while its net income jumped nearly 50 percent to $507 million.
For the full year, Macy’s net sales were down 2 percent to $21.8 billion, returning to positive comps with 2 percent growth.
Notably, it saw comp sales growth at its “Reimagine 125” revamped locations. Though it began with 125 locations, it has expanded to 200.
“As we wrap up year two of the Bold New Chapter, I’m pleased with the growth and progress we’re making against our strategic priorities,” said Macy’s CEO and Chairman Tony Spring.
“At Macy’s, we are offering more relevant brands, stronger storytelling, and investing in our colleagues so we can better serve the customer.”
Another part of its turnaround strategy was to expand its luxury brands, with plans to open 15 Bloomingdale’s stores and 30 Bluemercury locations by this year.
Bloomingdale’s, in particular, was a bright spot on its balance sheet, with Q4 net sales up 9 percent and comps up 10 percent. For the year, sales were up 6 percent, with comps up 7 percent.
“Bloomingdale’s exceptional performance underscores its ability to elevate the customer experience and capture demand across premium contemporary to luxury businesses,” said Spring.
Analysts have noted the ongoing bankruptcy at Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, may have had a hand in Bloomingdale’s success, according to Retail Dive.
On the earnings call, Spring said “I feel strong about the opportunity for Bloomingdale's. The disruption in the marketplace only gives more fuel to the fire.”
“The vendor community has rallied around Bloomingdale's like never before. They are delivering for their customers at an exceptional level right now.”
Bluemercury also performed well in Q4, with net sales up 3 percent and comps up 1 percent. For the year, sales were up 3 percent and comps were up 2 percent.
Spring highlighted the categories driving growth for Macy’s and Bloomingdale’s, including women's contemporary apparel, dresses, and tailored clothes, as well as fragrances.
In accessories, fine jewelry, lab-grown diamonds, and watches were driving growth.
Macy’s ranked No. 7 on National Jeweler’s “$100 Million Supersellers” list for fiscal year 2024, with an estimated $1.29 billion in jewelry and watch sales.
Looking to the fiscal year ahead, Macy’s is expecting sales between $21.4 billion to $21.7 billion, with comps down 0.5 percent to up 0.5 percent.
Chief Financial Officer and Chief Operating Officer Thomas Edwards noted the impact of tariffs on the retailer.
“The tariff environment continues to evolve,” he said, noting its Q1 outlook reflects the rates before the recent changes. Beyond that, its outlook assumes similar tariffs will remain in place.
Overall, CEO Spring had a positive outlook for the year ahead.
“In 2026, we are well positioned to deliver further progress. Looking further ahead, our proven initiatives, strong execution, strategic clarity, and customer focus should drive sustainable growth and unlock future value creation,” said Spring.
Macy’s will also be celebrating two milestones this year, including the 100th anniversary of its Macy's Thanksgiving Day Parade and the 50th anniversary of its Fourth of July fireworks display.
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