Jeff. everyone. morning, Good you, Thank
at we delivered sales said, licensed which quarter we And our net year previewed down down billion, which quarter and to Jeff latest X.X% sales in X.X% $X.X for the full $XX.X Day billion. surpassed plus the Xth, our were February guidance. As brought as the of year, comps on our in Investor fourth owned
outperformance year. As last Businesses. our during saw category the in at we business, performance quarter performance our Destination And delivered across versus look expectations our jewelry, across both particular strong we broader in the dresses and we a a fragrances, fine
and good Men's also turned results. tailored, mattresses in women's shoes
beauty Our strategy strategy holiday In performed was our with our particular, gifting customers. strategy very Under well gifting our with well. Gift strong resonating
and the will future the down the work these category and For quarter, Day. claimed shared weaker businesses Investor housewares included consistent with on we watches in merchandize
unit the were mid X.X% our metrics, increase grew the The per of in unit Bluemercury high retail versus transactions quarter even inline Destination last AUR on with sales digits. comps transaction the and several performed and higher which while businesses. trend. backstage lower strength trades X% single increase we which AUR rose and quarterly occurred to transaction down Bloomingdales of in quarter. each X.X% average during AUR our overall within And saw in With fourth company to fell positive Items year. expectations regard
revenue. flat points in $XXX million to in quarter, below a card ago. basis penetration year. credit nearly generated year Credit We last the to the Turning XX XX.X% quarter, was
a credit revenue up Credit flat $XXX ago. XX.X% year, to year slightly year year ago. was card the million, the a On was penetration for to
in by sales growth uptick cards bad the to down Offsetting be under our improvement. was transactions credit year-over-year, sales decline for strong debt we and trends primarily slight brand expectations more own a normal outside family of initial our top brands. of in an line core level. posted these and delinquency from the to Macy's Despite driven were This
Gross last We the down be while was quarter versus of basis help mixed decline foresee were margin ended year margin XX.X%, in year. Day, Investor impact our basis a our will from due as with lower a the stabilize ago, that to offset gross with this points of rate points expense. the points XX at margin to businesses basis XX.X%, will And XX cost about XX of down rates. stated growth savings margin margin continue pressure rate delivery year on we from we in working this XXXX million Polaris $XXX of we
gross X.X% underscoring XXXX margin inventory to supply more to initiatives these and year, was reminder, within a a private merchandising improvements from use last mix in chain, pricing, down marketing derived our As sourcing. Comparable brand productive and commitment inventory. of
than expect sales XXXX. to well of miscellaneous reduction quarter, basis basis from forward dollar up some on Within not million expense ago, recorded to carry we deleverage. less expenses lower the reflects various in year a SG&A, XX but The due benefits into as due items which sales, we do billion variable rate as $XX to SG&A lower $X.X points a
rate last For but year, million basis. higher the year expense a XX SG&A $X on basis total was billion, below points $XX
As committing stable resetting and forward we investing the cost we SG&A at growth initiatives. as in we discussed to while are rate Day, the move Investor still base our our more
last assets million $XX year. the quarter sale million versus fourth the $XXX of In on of we realized gains
in full of at mind the of and For million, year, $XXX million realized building full our year. that fourth quarter sale the from $XXX we I. asset year Magnin gains Square. down XXXX last the the gains Union on Keep sale $XXX gain million included
asset represents we the decline. adjusted quarter year million Accordingly net the Nonetheless, than about million more last adjusted and income the in $XXX pleased year, annual decrease with quarter net income while $X.X in versus decline respectively. year. was last not The versus sale adjusted was an net billion million income income of are $XXX in and XX% in basis net on gains $XXX the XX% the
for from establish As we while Investor be grow profitably. of will XXXX at our help communicated date can transition us, year we a strategy to a which Day, will Polaris
is our growth within there committed we to targeted stabilization X profitability, ahead work as and are overall to While plan. improve our year
approximately For of XXXX, savings of to Polaris, flow to $XXX achieve from margin. order million will we line bottom to stabilize in growth which some expect the operating
asset Adjusted represented the EPS $X.XX was EPS sale gains $X.XX year compared in the approximately versus and $X.XX $X.XX $X.XX adjusted sale respectively. diluted of and which for which of about respectively to represented year asset last was and to diluted $X.XX year last gains $X.XX quarter $X.XX
$X.X offset to lower cash date primarily accounts decrease $X.X earnings payables. activities by in The to billion was year. improvement a inventories operating by payments compared flow driven variance net lower which payables from last billion were in a partially and merchandise and and was non-merchandise tax Year
$XXX $X.XX projects. to certain full Capital approximately timing expenditures billion were the guidance billion. This million mainly was last due our $X year year compared of of above to
spend billion continue we However, XXXX. approximately to expect $X to in
year. voluntary. Cash used $XXX debt by drove both years financing billion XXXX, the of predominantly repayment million We year in compared which this of the was $X.X billion debt repaid In XXXX decline. $X.XX billion the versus to in $X.X last activities was repayment
reduction through in During continued the and the payment a capital XXXX continued continued strategy we dividend. executed our very business, consistently debt against allocation investment of
highlighted As our we Investor that at strategy. committed we remain to Day,
is with in order also maintaining that sheet value will durable. creation, be both a financial our disciplined continue balance flexible and to while policy maximize We to
will the term growth our on the which Polaris long-term. and We position in stabilize are in business executing focused our strategy for profitability near the
including strong plan $X.X our reduce of continue cash debt And free debt further paying said we over approximately policy flow past to four years. in a to consistent to record balance use on sheet, financial we XXXX. our Investor and Day, the excess effectively has company prudent managing as of down track billion Our
fundamental and times to a is said we X.X with believe investment have commitment an capital a as strength our sheet debt continue EBITDA of balance to profile. cornerstone target commensurate maintaining we credit we grade multiple an that is As such allocation to to adjusted of strategy X.X
guidance February are our Day. our confirming on for We XXXX Xth Investor presented at
to items. on In provide addition, do a few more color want I
top that line these the that projected co-brand line trends, in and delinquency note, our decline credit market in revenue bad This partially from year-over-year. in for uptick sales expect our offsetting will in debt will continue decline the and You are projections expectation of to growth with slight continued result combination we sales.
With the the cheerfully to colleagues, we of impact tourism possible to monitoring and our supply sales respect assess situation are chain. the to coronavirus, implications
anticipate sales from there quarter impact first early that too tourism. estimate, While could still international on to we small a be
supply vendor the partners to respect minimize With possible working are our with chain, disruption. to any we
than come XX% less before of our said goods As China. private of we've brand out
Our source sizable there vendor from a too. amount partners
with our guidance. early could As our it's have changes any we'll size from not keep materially time, of tourism, coronavirus impact XXXX the too At business. in to that potential impact factored any impact, we you aware negative this any into but possible
regard we corporate results, to the the cadence expect first from our XXXX challenged to to a most consolidations. anticipated top perspective, our campus in primarily bottom of growth due quarter from With restructuring line and quarterly the be disruption and
slowly Additionally and first margin are second quarter, develop and quarter to more benefits there. the from both grow as Polaris in savings within those immediately expected gross not SG&A will impact the
best guidance that is off half sales the last quarter year first year comp a year. negative, that our full mind the our and in are we relatively cycling coming in with back of XXXX strong sales Keep
quarter, first be expect plus outside sales our range licensed comp our year full to owned the of we guidance. For the
this in morning. we slide is presentation guidance website the earlier posted on complete Our our
with closing, in But XXXX confidence our in entered we future.
locations, firepower very growth on, are Backstage the head for and about our all as future. treatment us have we and Loyalty them challenges we digital, our growth before Magnet to conduits to the serve take We clear-eyed X.X believe the
are Our savings and stabilization profits process. in progress
Macy. and in focused We and be will are what bright on for execution a future long
I'll turn it And back Jeff. to with over that,
