What: Macy’s announces their Q3 results and their CEO, Jeff Gennette reports his last earnings reports to Wall Street before retirement.

Why it is important: Macy's Inc.'s third-quarter sales and performance, including the CEO's remarks, financial figures, and the company's strategies to address sales challenges and maintain inventory control is relevant for all stakeholders as well as reflects the industry performance.

Jeff Gennette, the CEO of Macy's, reported adjusted earnings per share of 21 cents, surpassing analysts' expectations. However, net income fell 60% compared to the previous year. Revenues for the quarter decreased by 7.8% to USD 5 billion. Despite challenging sales, Macy's maintained controlled inventory and introduced new initiatives like the On 34th private brand.

Gennette expressed confidence in his successor, Tony Spring, and emphasized the importance of a strong merchandising team and the integration of data analytics. Macys' stock rose by as much as 14.4% in morning trading following the earnings beat.

Macy's CEO Jeff Gennette reports Q3 earnings as Tony Spring prepares to take over