Macy’s released their second quarter financial results, showing a stronger-than-anticipated sales performance. Although the retailer’s comparable sales were down, all three of their brands: Macy’s, Bloomingdale’s and Bluemercury, showed healthy performances, driven largely by the sales recovery from their stores.
“We are encouraged by our second quarter performance; however, we continue to approach the back half of the year conservatively. Our immediate priority is successfully executing Holiday 2020. We are also focused on laying the groundwork for 2021 and beyond. We plan to invest in fashion, digital and omnichannel, work with agility, and galvanize the resources of the company to serve our customers and move the Macy’s, Inc. business forward,” said Jeff Gennette, Macy’s Chief Executive Officer.
The department store chain’s focus on omnichannel will allow them to continue to grow their digital sales, which also remained strong in the quarter, while paving a pathway to a healthy recovery for their brick-and-mortar stores.
Macy’s also finished the quarter in a strong liquidity position, with $1.4 billion in cash and approximately $3 billion of untapped capacity. A day after Macy’s had released their second quarter earnings, stock for the retailer had rose more than 5%.
Source: Macy’s – Press Release 9/2/20
Photo Credit: Macy’s Media Assets
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is one of the nation’s premier omni-channel fashion retailers, with fiscal 2019 sales of $24.6 billion. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York. For more information, please visit www.macysinc.com.