Macy's (M) fiscal fourth-quarter results dropped annually on Thursday, while the department store operator outlined a weak outlook for the ongoing year.

Revenue fell to $7.77 billion for the three months ended Feb. 1 from $8.12 billion a year ago and narrowly missed the $7.78 billion average analyst estimate on FactSet. Adjusted earnings per share declined to $1.80 from $2.24, but topped the Street's $1.54 expectation.

"We maintained a disciplined approach to margins and cost controls," Chief Executive Tony Spring told analysts on a conference call, according to a FactSet transcript. EPS topped the company's own guidance amid better-than-expected expenses and credit card revenue, he said.

Macy's comparable sales fell 1.1% on an owned basis. Owned-plus-licensed-plus-marketplace comparable sales were up 0.2%, which Macy's said was its best performance since the first quarter of 2022.

By brand, Macy's comparable sales were down 1.9% while Bloomingdale's rose 4.8%, both on an owned basis. Bluemercury's comparable sales climbed 6.2%.

For the ongoing fiscal year, management guided net sales in the $21 billion to $21.4 billion range, implying a decline from the $22.29 billion reported for the most recent year. Five analysts surveyed by FactSet are modeling revenue of $21.34 billion this year. It expects comparable owned-plus-licensed-plus-marketplace sales to fall between 0.5% and 2% from fiscal 2024, when the figure dipped 0.9%.

The company projects adjusted EPS in the $2.05 to $2.25 range, signaling a drop from $2.64 last year and below the $2.29 average analyst estimate.

Spring told analysts management took a "prudent approach" to the outlook to reflect "external uncertainties that both we and the consumer are facing."