Same-store sales at Macy’s U.S. department store beat analyst expectations, but fell sharply year-on-year.
While U.S. shoppers shop for essentials at stores like Walmart and spend on travel and entertainment, spending on apparel and accessories is down from record highs during the pandemic.
Macy’s CEO Jeff Jennette said in a statement that the company had “surgically implemented” promotional measures to wipe out seasonal products. “The macroeconomic environment remains uncertain,” he said.
Same-store sales for Macy’s-named brands fell 9.2% in the second quarter, with luxury brand Bloomingdale’s down 2.7% and Blue Mercury up 5.8%. Macy’s continued to struggle in categories such as activewear, casualwear and sleepwear. Beauty products and cosmetics performed well for all three brands.
news-rsf-original-reference paywall">Original title:Macy’s Falls as Markdowns to Clear Inventory Cut Into Sales (1)(excerpt)
2023-08-22 13:07:35
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