Beauty Packaging Staff11.23.20
Macy’s net sales declined 21% in the third quarter of 2020, from $5,173 million in 2019 to $3,990 in 2020, a loss of approximately $91 million.
On the bright side, digital sales grew 27% over third quarter 2019 and penetrated at 38% of total owned comparable sales.
“Our digital business delivered strong growth and sales in our stores continued to recover,” commented Jeff Gennette, chairman and CEO of Macy’s inc. “Customers have shifted their spending to casual apparel and categories they can enjoy as they stay at home. Several of these categories, including home furnishings, jewelry and fragrance, have generated double-digit sales growth compared to last year.”
“Looking to Holiday 2020, we know this year is different… 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,” Gennette added. “We continue to watch the resurgence of Covid-19 and its potential impact on our business. Our teams are executing well and have shown the flexibility and agility to adjust plans and provide a great omnichannel experience to our customers.”
Macy’s Inc. has withdrawn its 2020 earnings guidance due to ongoing uncertainty as a result of the Covid-19 pandemic.
On the bright side, digital sales grew 27% over third quarter 2019 and penetrated at 38% of total owned comparable sales.
“Our digital business delivered strong growth and sales in our stores continued to recover,” commented Jeff Gennette, chairman and CEO of Macy’s inc. “Customers have shifted their spending to casual apparel and categories they can enjoy as they stay at home. Several of these categories, including home furnishings, jewelry and fragrance, have generated double-digit sales growth compared to last year.”
“Looking to Holiday 2020, we know this year is different… 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,” Gennette added. “We continue to watch the resurgence of Covid-19 and its potential impact on our business. Our teams are executing well and have shown the flexibility and agility to adjust plans and provide a great omnichannel experience to our customers.”
Macy’s Inc. has withdrawn its 2020 earnings guidance due to ongoing uncertainty as a result of the Covid-19 pandemic.
