Macy’s (NYSE:M) earned itself a post-holiday gift as its shares gained over 6% in the opening days of 2020. A solid chunk of that rally came after the company reported holiday sales that fell less than analysts expected. But this is not the beginning of a real turnaround for the stock, which lost 43% last year, as the report doesn’t address the headwinds in the struggling department store’s path. Macy’s, like its peers, still faces the major threats of online and off-price competitors, as well as the fact that malls, the location of most department stores, are losing customers.Macy’s said that same-store sales for November and December fell 0.7% in owned stores and 0.6% in owned plus licensed stores. Analysts had been expecting a decline of more than 1.7% for the fourth quarter, which includes the holiday period plus an additional month. The retailer’s message was optimistic, with chairman and chief executive officer Jeff Gennette saying the period “reflected a strong trend improvement from the third quarter” and noting good performance in the digital business. In the third quarter, Macy’s reported same-store sales declines of 3.9% for owned stores and 3.5% on an owned plus licensed basis. During the earnings call, management said that the growth of its digital business slowed but didn’t offer specifics as it did in the previous quarter, when it said digital growth was in the double digits.