**Macy’s Earnings Beat Forecasts, Promotions Drive Customer Traffic**.
**January 4, 2023**.
**New York** – Macy’s, Inc. reported better-than-expected earnings for the holiday quarter, propelled by a series of strategic promotions that effectively attracted shoppers and boosted sales..
**Financial Highlights:**.
* **Net income:** $1.01 billion, surpassing the projected $891.3 million..
* **Earnings per share (EPS):** $4.69, exceeding the expected $4.02..
* **Comparable sales:** Increased 5.3%, outperforming estimates of a 4.4% increase..
* **Revenue:** Total revenue reached $8.67 billion, marginally above the projected $8.64 billion..
**Driving Factors:**.
Macy’s CEO Jeff Gennette attributed the strong results to the company’s aggressive promotional strategy during the crucial holiday season. The retailer offered shoppers deep discounts, loyalty rewards, and other incentives, which proved effective in driving customer traffic and boosting sales..
