05.21.24
Macy’s, Inc. has reported its financial results for the first quarter of 2024.
Tony Spring, chairman, and CEO of Macy’s, Inc. said,
“We are encouraged by our customers’ response to our Bold New Chapter strategy resulting in sales near the high end of our outlook. Our teams executed with discipline and efficiency, which contributed to first-quarter earnings that exceeded our expectations. At the Macy’s nameplate, go-forward business performance was led by our First 50 locations, which achieved comparable sales growth year over year and are a leading indicator for our go-forward fleet. Although early days, our investments in product, presentation, and experience are gaining traction and reinforce our belief that longer-term, Macy’s, Inc. can return to sustainable, profitable growth.”
Macy’s net sales reached $4.8 billion, down 2.7% from Q1 of 2023. Comparable sales were down 1.2% on an owned basis and down 0.3% on an owned-plus-licensed-plus-marketplace basis. The gross margin rate for the quarter was 39.2%, down from 40.0% in the first quarter of 2023.
Bloomingdale’s comparable sales were up by 0.8% on an owned basis and up 0.3% on an owned-plus-licensed-plus-marketplace basis. Bluemercury comparable sales were up 4.3% on an owned basis.
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Photo: JHVEPhoto/ shutterstock.com
Tony Spring, chairman, and CEO of Macy’s, Inc. said,
“We are encouraged by our customers’ response to our Bold New Chapter strategy resulting in sales near the high end of our outlook. Our teams executed with discipline and efficiency, which contributed to first-quarter earnings that exceeded our expectations. At the Macy’s nameplate, go-forward business performance was led by our First 50 locations, which achieved comparable sales growth year over year and are a leading indicator for our go-forward fleet. Although early days, our investments in product, presentation, and experience are gaining traction and reinforce our belief that longer-term, Macy’s, Inc. can return to sustainable, profitable growth.”
Macy’s net sales reached $4.8 billion, down 2.7% from Q1 of 2023. Comparable sales were down 1.2% on an owned basis and down 0.3% on an owned-plus-licensed-plus-marketplace basis. The gross margin rate for the quarter was 39.2%, down from 40.0% in the first quarter of 2023.
Bloomingdale’s comparable sales were up by 0.8% on an owned basis and up 0.3% on an owned-plus-licensed-plus-marketplace basis. Bluemercury comparable sales were up 4.3% on an owned basis.
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Photo: JHVEPhoto/ shutterstock.com
