THE WHAT? Macy’s has reported better-than-expected top and bottom-line results for the second quarter of the current financial year.
THE DETAILS The US department store chain saw net sales drop 8 percent versus the prior-year period, to US$5 billion while adjusted diluted earnings per share stood at US$0.26 versus 2022’s US$1.
By retail brand, Macy’s comparable sales decreased 9.2 percent while Bloomingdales dipped 2.7 percent. Bluemercury was the highlight with sales up 5.8 percent on an owned basis.
The retailer reaffirmed its 2023 guidance accordingly with expectations for annual sales and earnings unchanged.
THE WHY? Jeff Gennette, Chairman and Chief Executive Officer of Macy’s, Inc, reveals, “Our teams surgically implemented clearance markdowns and promotions to effectively clear spring seasonal receipts and ensure fresh assortments for the fall and Holiday seasons.
“We continue to see uncertainty in the macroeconomic environment. We are leveraging our robust data science tools to refine inventory composition, while reading and reacting to shifting consumer preferences to meet demand. Looking ahead, we are committed to fortifying our core business and improving our customer experience while investing in our five growth vectors. We believe these advancements, enabled by our strong talent, will drive our relevancy and long-term success as a modern department store.”
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