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Macy’s: Sales decline in the second quarter, net profit increases


Macy’s: Sales decline in the second quarter, net profit increases

“We delivered strong results in the second quarter in a difficult consumer environment,” said Tony Spring, Chairman and CEO of Macy’s, Inc. “We are seeing signs that our strategy is bearing fruit, including two consecutive quarters of positive comparable sales in Macy’s first 50 stores. We are encouraged by the early successes of our bold new chapter and remain committed to returning Macy’s, Inc. to sustainable, profitable growth.”

The retailer’s First 50 stores are part of its A bold new chapter Initiative to improve the shopping experience in department stores. The “New Chapter” project, presented in February, also includes the closure of 150 stores over the next two years, investments in a further 350 stores and the expansion of smaller store formats.

Macy’s store net sales decreased 4.4%, with comparable sales decreasing 4.5% on a owned basis and 3.6% on an owned plus licensed plus marketplace basis.

Macy’s comparable sales for future stores, including Macy’s Go Forward locations and digital, decreased 4.3% on a owned basis and 3.3% on a owned plus licensed plus marketplace basis. Go Forward locations comparable sales decreased 2.4% on a owned basis and 2.3% on a owned plus licensed basis.

Comparable sales for the first 50 locations included in future location comparable sales increased 0.8% on an owned basis and 1.0% on an owned-plus-license basis. Comparable sales for locations not included in the first 50 locations included in future location comparable sales decreased 3.8% on an owned basis and 3.7% on an owned-plus-license basis. Comparable sales for Macy’s locations not included in future location comparable sales decreased 6.5% on both an owned basis and an owned-plus-license basis.

At Bloomingdale’sNet sales decreased 0.2%, with comparable sales decreasing 1.1% on a owned basis and 1.4% on an owned plus licensed plus marketplace basis. Bluemercury net sales increased 1.7% and comparable sales decreased 2.0% on a owned basis.

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