Macy’s third quarter results reflected a strong performance for 2020. Execs at Macy’s believe their healthy numbers have to do with an early start to the holiday shopping season.
“Macy’s, Inc. third quarter results reflect solid performance across all three brands – Macy’s, Bloomingdale’s and Bluemercury. Our results were driven by disciplined cost management, strong execution by our colleagues and an early start to the holiday shopping season. Customers shopped our brands across all channels in the third quarter and responded well to our expanded fulfillment offerings, such as curbside, store pickup and same-day delivery,” said Jeff Gennette, Chairman and Chief Executive Officer at Macy’s.
Highlights from Macy’s report include:
- Strong liquidity position with approximately $1.6 billion in cash and approximately $3 billion of untapped capacity
- Gross margin of 35.6% compared to 23.6% in the second quarter of 2020, an improvement of approximately 12 percentage points
- Inventory down 29% from third quarter 2019. The company exited the quarter in a clean inventory position.
- Net sales at $3.9 billion.
“Looking to Holiday 2020, we know this year is different. We are committed to bringing the joy of the season to America as we do every year. From next week’s Thanksgiving Day Parade to reimagined family gatherings, we will help our customers and their families celebrate in style. We have the right gifting assortment with newness from value to luxury, and our expanded fulfillment options allow customers to shop safely and conveniently, in store or online,” added Gennette.
Source: Macy’s Inc. – Press Release
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. 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.