**Macy’s, Inc.** (NYSE: M) reported its third-quarter financial results on Thursday that topped analysts’ estimates as promotions attracted shoppers back to its stores. The department store chain also unveiled plans to close 125 stores by early next year as part of its Polaris strategy..
**Financial Performance:**.
* Net sales declined by 3.9% year-over-year to $4.3 billion, marginally beating the FactSet consensus of $4.29 billion..
* Comparable sales fell by 2.9%, slightly better than the anticipated 3.1% drop..
* Digital sales grew by 8%, continuing the momentum from the previous quarters..
* Net income plunged by 46.3% to $143 million, translating to diluted earnings per share of $0.39, still exceeding the Street’s forecast of $0.35..
**Strategic Initiatives:**.
* Macy’s is closing 125 stores by early 2024 as part of its Polaris strategy, which aims to optimize its store footprint and focus on its most profitable locations..
* The company is investing in its digital platform, including its website and mobile app, to enhance the online shopping experience..
* Macy’s is also expanding its off-price Backstage concept and strengthening its private label offerings..
**Analyst Commentary:**.
* Neil Saunders, Managing Director of GlobalData Retail, noted that Macy’s .
