Macy’s, Inc. Fourth Quarter and Full-Year 2021 Results Exceed Expectations

*Comparable sales up 28.3% on an owned basis and up 27.8% on an owned-plus-licensed basis versus Q4 2020; up 6.6% and up 6.1%, respectively, versus Q4 2019
*Digital sales up 12% over Q4 2020, up 36% over Q4 2019
*7.2 million new customers shopped the Macy’s brand, an 11% increase over Q4 2019
*Generated $2.7 billion in Operating Cash Flow and $2.3 billion in Free Cash Flow in FY 2021
*New $2 billion share repurchase program authorized after completing current $500 million program and raised quarterly dividend by 5%

“Our results in the fourth quarter delivered a strong end to a solid year. I am proud that Macy’s, Inc. outperformed expectations on both the top and bottom lines every quarter in 2021, despite COVID-19 related disruptions, supply chain issues, labor shortages and elevated inflation,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Our business has momentum and is serving more customers at more touchpoints in their shopping journey.”

“Our team began the large-scale work of transforming Macy’s, Inc. two years ago when we launched the Polaris strategy, and today we believe the evidence is clear – our business is stronger, more agile, and financially healthier. We are more digitally led and customer centric and believe we are better positioned for long-term sustainable and profitable growth,” Gennette continued. “Thanks to the hard work of our colleagues, successful execution of Polaris, and the strategic allocation of our capital, we believe we are well-positioned to successfully navigate the macro-economic headwinds we expect in 2022.”
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