Ecommerce earnings recap: What you missed from Macy's, Gap

The latest ecommerce earnings results are out from retailers in Digital Commerce 360’s Top 2000 Database. Macy’s continued to push forward with its turnaround strategy as net sales declined 4.3% year over year during its most recent quarter. Also in apparel, Gap recorded a net sales decline of 3.5% from a year ago as it said online sales were up 4% for the full year.

Parentheses indicate the merchant’s ranking in the Top 2000, unless otherwise stated. The database ranks North America’s largest ecommerce retailers by their annual web sales.

This week’s ecommerce earnings takeaways

Macy’s quarterly net sales declined 4.3% year over year as the company’s turnaround efforts continued.
Gap’s net sales fell 3.5% year over year as online sales made up 40% of sales overall.

Best Buy Co., Inc. (No. 8)

Q4 2025: Best Buy Co., Inc. said comparable sales increased 0.5% in its fiscal fourth quarter ended Feb. 3. Total revenue fell 4.8% from a year earlier to $13.9 billion.

Meanwhile, Best Buy’s online sales in Q4 grew 2.6% year over year. Ecommerce accounted for 39.5% of the Best Buy’s total revenue, up from 38% the previous year.

Costco Wholesale Corp. (No. 7)

Q2 2025: Costco Wholesale Corp. reported a 9.1% increase in total sales year over year, reaching $62.5 billion in its fiscal second quarter ended Feb. 16. The wholesale club’s customers made purchases 5.7% more frequently than they did a year earlier. As they did, average order value (AOV) at Costco grew 1% globally and 2.6% in the U.S.

Gap, Inc. (No. 21)

Q4 2024: Gap, Inc. said net sales declined 3.5% year over year, totaling $4.1 billion in its fiscal fourth quarter ended Feb. 1. The company attributed the difference to calendar shifts and loss of weeks in its most recent fiscal year, and also noted full-year net sales were up 1.3% from the previous year.

During Gap’s earnings call, the apparel retailer’s executives touted a “digital-first mindset” that the company is emphasizing in the year ahead. Richard Dickson, the CEO at Gap, briefly touched on the retailer’s online sales, which he said “were up 4% in 2024.”

“It represents about 38% of our total net sales, whereas our store sales were flat,” said Dickson. “And in Q4, our online business outpaced our store sales, as well as representing just over 40% of our total sales.”

Macy’s, Inc. (No. 17)

Q4 2024: Macy’s, Inc. recorded a net sales decrease of 4.3% year over year to $7.8 billion in its fiscal fourth quarter ended Feb. 1. For the full year, net sales fell 3.5% from the previous year to $22.3 billion.

By nameplate, net sales were up 2.0% at Bloomingdale’s and 2.4% at Blue Mercury in Q4, while Macy’s net sales were down 5.3% from a year prior. In addition, the Macy’s retail media network’s revenue increased 6.7% year over year to $64 million for the quarter and 13.5% for the full year to $176 million.

“As we close out the first year of the Bold New Chapter strategy, investments in the customer experience enabled us to achieve our highest comparable sales of the year, our best performance in 11 quarters,” said Tony Spring, chairman and chief executive officer at Macy’s. “At Macy’s, our First 50 locations delivered four quarters of increased sales, while our luxury nameplates, Bloomingdale’s and Bluemercury, achieved accelerated annual sales growth.”

Target Corporation (No. 5)

Q4 2024: Target Corporation reported a 3.1% decline in net sales year over year $30.9 billion in its fiscal fourth quarter ended Feb. 1. That retailer’s digital comparable sales grew 8.7% in its Q4 as comparable sales overall rose 1.5% from a year prior. For the full year, net sales decreased 0.1%.

“Results were led by strong performance in Beauty, Apparel, Entertainment, Sporting Goods and Toys,” said Brian Cornell, chair and chief executive officer at Target, in an earnings release. “As we look ahead, our continued investments in digital capabilities, stores and supply chain — combined with a focus on newness, value, speed and reliability — will further differentiate our one-of-a-kind physical and digital shopping experience.”

Other recent ecommerce earnings results

Alibaba Group Holding Limited

Q3 2025: Alibaba Group Holding Limited recorded a year-over-year revenue increase of 7.6% to $38.4 billion in its fiscal third quarter. Revenue at Alibaba’s international B2B ecommerce segment, Alibaba International Digital Commerce Group (AIDC), was up 32% over the same period.

Amazon.com, Inc. (No. 1)

Q4 2024: Amazon, Inc. reported Q4 sales increased 10.5% year over year to reach $187.8 billion in its fiscal fourth quarter that ended Dec. 31. Of those sales, $115.6 billion came from North America.

Bath & Body Works, Inc. (No. 69)

Q4 2024: Bath & Body Works, Inc. said net sales fell 4.3% year over year to $2.8 billion in its fiscal fourth quarter ended Feb. 3. In its earnings release, the retailer noted that its net sales for the quarter faced “a headwind of approximately 500 basis points due to the shifted fiscal calendar, resulting from and including the extra week in 2023.”

Nevertheless, Gina Boswell, CEO at Bath & Body Works, sounded optimistic for the year ahead, telling analysts on the quarter’s earnings call that she expects collaborations with Disney, as well as the Netflix series “Emily in Paris” and “Stranger Things,” to drive interest in Bath & Body Works offerings in 2025. She cited them as part of a “three-legged stool strategy of product innovation, marketing, and technology” intended to power sustainable growth.

“Our strategy is working, and we are driving topline growth through product innovation, enhanced marketing and technology, and by extending our reach through category adjacencies and international expansion,” said Boswell. “Despite complex challenges facing the broader retail sector, we ended the second half of the year strong.”

Beyond, Inc. (No. 68)

Q4 2024: Beyond, Inc. recorded a net revenue decrease of 21.1% year over year to $303.1 million in its fiscal fourth quarter ended Dec. 31, 2024. Still, the retailer cut its quarterly net loss by nearly half from a year ago to $81.3 million.

In the meantime, Beyond has closed a deal to acquire former Bed Bath & Beyond brand Buy Buy Baby while also securing a deal to get Bed Bath & Beyond back to physical retail in a deal with Kirkland’s.

“We are excited by the progress we have made since November 1st and are further encouraged by the sequential improvements that have continued through February,” said Marcus Lemonis, the executive chairman at Beyond. “While there is still much work to do, we will continue to make the necessary difficult decisions, leverage technology innovation and utilize our resources and partnerships to create a solid foundation that we believe will deliver profitability and growth.”

EBay, Inc. (No. 6 in Online Marketplaces)

Q4 2024: EBay, Inc. reported net revenue increased 0.7% year over year to reach $2.6 billion in its fiscal fourth quarter ended Dec. 31, 2024. Gross merchandise volume (GMV) also grew, up 4% to $19.3 billion over the same period.

Meanwhile, revenue from eBay’s advertising products increased 18% year over year, reaching $445 million during the quarter. The company said that represented 2.3% of its total GMV.

In addition, the online marketplace shared that full-year revenue was up 1.7% to $10.3 billion in 2024.

“eBay achieved three consecutive quarters of GMV growth to end 2024, and we took significant steps toward our vision of reinventing the future of ecommerce for enthusiasts,” said Jamie Iannone, chief executive officer at eBay. “I’m proud of how the team has innovated for our buyers and sellers, which has driven significant value for shareholders.”

The Home Depot, Inc. (No. 4)

Q4 2024: The Home Depot, Inc. said net sales grew 14.1% year over year to reach $39.7 billion in its fiscal fourth quarter ended Feb. 2. That’s up 6.6% from $37.71 billion during the same period in 2023. However, sales declined from $43.2 billion in the previous quarter. Full-year 2024 results, which the Hardware & Home Improvement retailer also reported, were up 4.5% year over year to $159.5 billion.

Keurig Dr Pepper, Inc. (No. 99)

Q4 2024: Keurig Dr Pepper, Inc. recorded a net sales increase of 5.2% year over year to $4.1 billion during its fiscal fourth quarter ended Dec. 31, 2024. For the full year also ended on Dec. 31, the company said net sales grew 3.6% to $15.4 billion.

All of this occurred as Keurig Dr Pepper also noted a year-over-year decrease in GAAP net income of 120.8% to a loss of $144 million in Q4. That loss was attributed to the “unfavorable year-over-year impact of non-operating items affecting comparability.”

“In 2024, we delivered strong financial performance consistent with our long-term algorithm and advanced our strategy to lay the groundwork for KDP’s next phase of growth,” stated Tim Cofer, CEO at Keurig Dr Pepper. “We gained market share through exciting innovation, marketing, and activation across our CSD and coffee brands, drove win-win outcomes with partner brands such as Electrolit and C4, and took bold action to extend our portfolio and route to market with the acquisition of GHOST and select territory expansions.”

Lowe’s Companies, Inc. (No. 11)

Q4 2024: Lowe’s Companies, Inc. reported a net sales decrease of 0.3% year over year to $18.6 billion in its fiscal fourth quarter ended Jan. 31. The results came as net sales fell 3.1% for the full fiscal year from a year earlier.

Still, comparable sales for Lowe’s stores during the quarter were up 0.2%, during the quarter. Lowe’s credited “high-single-digit Pro and online comparable sales, strong holiday performance, and rebuilding efforts in the wake of recent hurricanes, partially offset by continued near-term pressure in DIY discretionary spending.”

“Our results this quarter were once again better than expected, as we continue to gain traction with our Total Home strategic initiatives,” said Marvin Ellison, chairman, president and CEO at Lowe’s. “We remain confident in the long-term strength of the home improvement industry, and we are equally confident in our strategy to capitalize on the expected recovery.”

Read more on Lowe’s ecommerce earnings here.

Salesforce, Inc.

Q4 2025: Salesforce, Inc. said it increased revenue 7.6% year over year to $9.99 billion during its fiscal fourth quarter ended Jan. 31. Marc Benioff, the co-founder and CEO of Salesforce, said the tech company and ecommerce platform provider closed more than 400 deals, each worth more than $1 million during its Q4.

Urban Outfitters, Inc. (No. 29)

Q4 2025: Urban Outfitters, Inc. reported a net sales increase of 10.1% year over year to $1.6 billion in its fiscal fourth quarter ended Jan. 31. The growth was fueled by sales increases at Anthropologie, Free People and Nuuly, Urban Outfitters’ rental business, which the company said achieved profitability for the first time. The retailer also cited “high single-digit positive growth in digital channel sales,” accompanied by “low single-digit positive growth in retail store sales.”

“We are pleased to announce record Q4 revenues and full-year profits,” said Richard Hayne, CEO at Urban Outfitters. “Our success was driven by strength across all three segments — Retail, Subscription and Wholesale.”

Walmart, Inc. (No. 2)

Q4 2025: Walmart, Inc.’s revenue grew 4.1% year over year to $180.6 billion in its fiscal Q4 ended Jan. 31. That’s a 4.1% increase over the same period in its fiscal 2024. During the period, online sales accounted for 18% of total sales for the Mass Merchant.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

Dick’s Sporting Goods: March 11
Kohl’s: March 11
Stitch Fix: March 11
Buckle: March 14

Do you rank in our databases?

Submit your data and we’ll see where you fit in our next ranking update.

Sign up

Stay on top of the latest developments in the ecommerce industry. Sign up for a complimentary subscription to Digital Commerce 360 Retail News. Follow us on LinkedIn, Twitter and Facebook. Be the first to know when Digital Commerce 360 publishes news content.

Favorite

Ecommerce earnings recap: What you missed from Macy’s, Gap and more

Ecommerce earnings recap: What you missed from Macy's, Gap and more

Gap's online sales accounted for 40% of its total quarterly sales in the retailer's latest earnings report.