Macy's (
M) disclosed a consecutive quarter of declining sales as its new CEO aims to orchestrate a resurgence. Despite the challenges, the company exceeded Wall Street's modest projections for the long-standing retailer, which recently rebuffed a $5.8 billion acquisition offer from its shareholder, Arkhouse, and Brigade Capital Management.
In the fourth quarter, Macy's experienced a 1.7% drop in revenue year over year to $8.12 billion, slightly surpassing estimates of $8.11 billion. Although digital sales decreased by 4%, same-store sales witnessed a 5.4% decline.
Macy's net income reached $685 million, ...
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