**New York, January 6, 2023** – Macy’s Inc. (NYSE: M) reported better-than-expected earnings for the fourth quarter of fiscal 2022, driven by strong holiday sales and promotional discounts that attracted shoppers..
**Key Financial Highlights**.
* **Total sales:** $8.26 billion, up 4.3% year-over-year, exceeding analysts’ estimates of $8.17 billion.
* **Comparable store sales:** 4.1% increase, outperforming the FactSet consensus estimate of 3.2% growth.
* **Net income:** $595 million, or $2.17 diluted earnings per share, compared to $678 million, or $2.45 per share, in the prior-year quarter.
* **Adjusted EPS:** $2.45, surpassing the market consensus forecast of $2.18.
**Holiday Performance**.
Macy’s attributed the strong holiday performance to its successful promotional initiatives, including early bird sales, gift card incentives, and loyalty program rewards. The company’s strategic investments in omnichannel retailing, with a focus on both in-store and online shopping experiences, also contributed to the positive results..
