Macy’s Inc. has opted against separating its e-commerce business from its bricks-and-mortar stores amid calls from an activist investor to increase shareholder returns.

The department-store chain, which posted strong sales and earnings for the holiday quarter, said it is entering 2022 a much stronger company than it was before the pandemic. Chief Executive Jeff Gennette also said Tuesday he expects consumer demand to remain healthy this year as the job market improves and people return to the office and social events.