everyone. Thank and you, Jeff, morning, good
repurchases. Macy's, was to priority, XXXX they positive to and debt that initiatives holiday and financial increased our strengthening mentioned, continued in and achieved in for positive ways Macy's, our the returned XXXX second year and sales consecutive consecutive growth sheet. our shops for time return and date to to help We, high grew sheet meaningfully a our as shareholders a Inc. our the in As our second sales ongoing cash a positioned that through significantly balance and on season comparable result, very growth, annual comparable We again, future. how We flexibility the Inc. important shop made year implemented share capitalize our our sales consumers have initiative to of balance Jeff to we reducing dividends will fund deleveraged
managing unproductive or all our We towards will continue business out costs. by of this with an growth, rooting financial operational discipline profit aspects reprioritizing while eye and
performance, share financial me credit of sales. my on areas business, our discuss I asset and two perspective Before let
because P&L overall know, the its you very plays in card As of line our XXXX. revenue in standards our is offering. That our own credit fiscal said, on credit revenue to changes card integrated customer item recognition role a
our it, value is many our and our us roughly profitable grow sales strong with and with and for and occurring Citibank expect proprietary credit a customers Credit provided have sales We our decades one. half highly card. relationship of on helps our
the revenue economics through loyalty contemplate credit our incremental loyalty credit costs sales primarily stream proprietary by of the execute enhanced Our our associated in our program program competitive program revenue customers. our which and our with is making both sets for Gold credit rewards, program from also loyalty loyalty we shipping incremental advantage. and conjunction such card. peers in our programs The with We credit free as our believe conjunction apart a with program us Platinum
Asset important another sales focus. been of have area management
gains exceeded that we we sought of and importantly, billion our have value. $X.X properties monetized the highest four the retail have our sales of than estate years benefited generated proceeds the ensure more over past several assets have last our as best to cash asset more earnings, the estate and have years. use These real where generated value Over have real
this redeployed helped more have investments frame. our sheet in through that $X.X growth. same billion cash as than that our has drive business balance to over reduced us it We And strengthen the debt by time we sales have also
moderate course expect this of fleet time. our more routinely process ongoing to As stream over we our normal yield will of evaluate part appropriately gains and of business, store a
billion turn with shared full in the for increasing comparable increase licensed we we were and fourth the let's owned year In owned which quarter fourth X%. X.X% sales our Now, results sale $XX.XX comparable an updated basis. line an billion by delivered we $X.XX of the delivered plus in expectations of our of plus quarter, sales, January. year, full on And to licensed
For with sportswear down in international delivered fourth performance and men's Midwest We and fragrances cosmetics. Southwest, regions were saw fine country we the skin and strongest shoes, handbags, the tailored and jewelry, furniture. tourists women's quarter collection, in up over quarter online in both the to we was were in demand strength spend business care, We women's iterate for buying multiple our as reflecting our clothing, disappointed of actives, our color South, to and performance the our customer and store. more customers our in Total in per few transactions shipping were X.X% year. as in transactions quarter, X.X% threshold. continued the the units platinum test units transaction X.X% X% and up Average free down continued strong and
than driven additional last card sale. up program momentum card year. taken was holiday credit Star unit loyalty Strong credit in We card markdowns of income the continued generated $XXX down the average to Our basis by retail saw quarter X.X%, credit revenues to XX%. penetration XX be net X.X% of reflecting in quarter which softer the following the expected Rewards million, up our points from
to lower to the Our The quarter work was XXX was XX.X% we sales, year. gross clear inventory. in decline last for gross of points driven basis margin primarily by rates down margin margin as merchandise
impacted the loyalty. quarter margin were by and our down was We also increased improved continued to fully in strong digital are through expense year We to delivery expense XXXX Gross delivery from pleased with margin. ended inventory in merchandise comparable growth have able the offset X.X%. in
combination was in full improve margin the rate fulfill The expense As sales gross XX% a by flat $X.XX in year. store of year. SG&A we our driven and was the orders. increase lower to last result, the We customer rate last online was compared and which XX.X% quarter, in XX.X% of year to the experience SG&A investments made to holiday a lower-than-expected $XX to On hours XXXX. recorded than million was basis, expense billion rate
a technology points our XXXX. in and of our year-over-year by lower rate increased Incentive $XX For Growth expense some Path the or offset our reflective plan, partially basis, in initiative, expense XX full the strategic basis XXrd to on from investment million year, SG&A week
$XX in Asset sale last was the were quarter gains year. lower which $XXX million, million than
Act sale sale The and Reform our quarter For in versus excluding $X.XX from we $XXX the income delivered in sale our interest which sale adjusted $XXX $X.XX Union Tax was EPS million When $XXX previous was $X.XX the resulted above lower proceeds million cash Adjusted San adjusted compared $XXX was to gains, Federal Francisco expense and which million These year, $XXX quarter sale gains, guidance. combined last the $XX year. EPS former flat quarter debt to the $XXX year. $X.XX with last year excluding Magnin of in lower million gains last net When million. of Square million income fourth of from asset million net were was I. but results flagship the gain building asset in to year. asset last an last year. of tax of compared adjusted million, than $XXX generated lower lower of asset
year, billion year. the flow of The to EPS EBITDA For by the decline down activities last to asset was from up $X.XX, $XXX XX% for gains last by for versus $XXX sale year, we inventory expenditures full prior delivered XXXX. year. taxes operating adjusted offset lower Cash versus million year-over-year million excluding in $X.XX and was investment, year. compared Capital year million cash higher XXXX net driven $XXX lower compared were the the
spend a our capital spent we of is captured year-end billion this of $X.XX in the in table. XXXX, full While budget portion
$XXX million this $XXX dividends cash last our year. paid compared proceeds to million million year. We shareholders to sale Asset of were $XXX
the As December. million we approximately XXXX, In $XXX in tender open our repurchased and $XXX diligently market including I voluntarily mentioned, worked to have we in completed billion debt, of $X.X the sheet. strengthen balance million
as ratio year-end was last our X.X a year. to times As reduction, result of times X.X debt the at compared leverage
sale asset ratio leverage was our gains, Excluding times. X.X
X.X range deal we excess XXXX use sheet growth We range, durable We at is when remain the and and our future. our maintaining in profitability to and focused a times target to moment to our for sale accomplished great company. without asset and leverage to summary, and this In fiscal Our this our flexible excluding plan to asset in XXXX target committed on with and that entire and reduce higher cash continues a leverage gains. energized balance delivering in for is know of times a to levels further and both gain. within debt we team pivotal X.X sale range be look retail
we our Our evolving must the needs to continually and rapidly is customer. move industry meet faster of
gross chain our work. through will productivity of strategic at the being the Our to and commitment we all our flow changing driving in in the and across SG&A of investments brand margins and improvements President. program sourcing growth, With our also this of and point I co-lead is in balanced pleased to disciplined work am of marketing, enhanced our make committed on Macy's supply this and will our Hal Funding Our streams includes being mindful The our pricing, a to program strategy. in initiatives XXXX, The and we Our team. cash and the multiyear profit that are working and We improve our program comprehensive is Lawton, mind, a private have EBITDA Future non-retail while Funding Future execute initiatives merchandising that way with an aim focus directed procurement North conduct Funding Future capital stores, aspects P&L Star future.
now For underway. the quick give already you me example let work a of
provide out flow to markdown hold needing stream reallocate with and work approach our chain and an allocation dynamically stores helping allows us the reducing newness. stocks to most, and we drive This inventory our of piloted to are As XXXX. we and risk scaling in-season part it then fashion stores initial to of of approach in that supply
control, resulted a gross in-stock improvement improved primarily performance. versus pilot limited recent in XX% by driven Our in sales
in similar pricing, targeting We shortage aggressively prevention. and opportunities marketing are replenishment,
expense announced part have and teams they today, teams of assigned Future tackling five to the year. which this to goal it As we validating savings of sense later restructuring this our we With we with generate million. are now three $XXX strong savings of and we cross-functional in with execute Funding actions a have work urgency. Our are critical currently rigor place, expect the you our annual XXXX, year to we share Beginning restructuring will in
So let's XXXX. about talk
Included on saw per $XXX earnings guidance we million in $X.XX XXXX we is in release, as million compared $X.XX. sale $XXX As range are this of XXXX. to for to our guiding asset gains to share a
$X. gains EPS are Excluding asset we be sale guiding to to $X.XX
Let assumptions of the cover guidance. some key this behind me
on to X%. sales an up licensed basis flat comparable plus be expect We to owned
We comparable to than performance expect consistent approximately million the year with Credit the million in be to throughout better our sales revenue $XXX sales Total spring. the as flat. to $XXX XXXX. relatively million be $XXX slightly be to compared to fall
down our and second margin the the in year. the We gross in rate to down expect slightly half be half of moderately first
gross the sequential the improvement greatest expect We quarter the margin first pressure in with year. throughout
claimed year position the in slightly with age entering receipts of are inventory, are lower non-current spring or we While inventory elevated. transition our levels
as through Our year, the Funding more move our improve we will Future back Additionally, margin initiatives gross will weighted. half be but
expect increase through we as year, spend. We investment the savings offset helping move to expense incremental to
rate we However, expect up be slightly. to SG&A
I million $XX income, rate effective Capital approximately assumes expense also $X an sales in guidance just closing, and and expect approximately growth to CFO of see be achieved. XXXX million a to Macy's, sustainable of and we year million expected clear months. expenditures amortization. XXXX, we the $XXX interest approximately the of XX%. are now for been of retirement growth tax eight have $XXX In that billion builds Our Inc. off path of depreciation plan I of that
deliver work to confident plan is profitability. the teams we about to and being underway. to turn do excited mapped committed colleague an part fiercely to also in the productivity Jeff. improved work have where opportunity the established have and that a necessary been over out We I shareholder the significant we the am call to And has now, the levers in has back also winning have and organization additional value. The that environment. I’ll this to pull every create of am competitive I
