Macy’s swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials.
FILE - Cars are parked in front of a Macy's store at Hawthorn Mall in Vernon Hills, Ill., June 3, 2024. – Macy's swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials.
Yet sales fell nearly 4% to $4.94 billion, from $5.13 billion last year, and below the $5.06 billion that industry analysts were looking for.Comparable sales— those from online channels and from established stores — fell 3.3%, including those from licensed businesses like cosmetics and its third-party marketplace. That was worse than the 0.3% drop in the previous quarter.
Macy’s said the bidders, Arkhouse Management and Brigade Capital Management, failed to provide it with additional information by its June 25 deadline, including the highest price they would be willing to pay. Macy’s said it would manage the effort to turn its performance around. That includes previously disclosed plans toAt the first 50 stores that Macy's has overhauled, same store sales have rising for two consecutive quarters, said Tony Spring, who became chairman and CEO this year., which have held up better overall. Macy’s said it will open 15 higher end Bloomingdale’s stores and 30 luxury Bluemercury cosmetics locations to cater to customers seeking higher end services and goods.
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