Macy’s on Tuesday said its Q2 net sales fell 8.4% year over year to $5.1 billion, with brick-and-mortar sales down 8% and online sales down 10%. The department store swung to a $22 million loss from $275 million in net income a year ago.
Overall comparable sales fell 7.3%. At Macy’s, comps fell 8.2%, at Bloomingdale’s they fell 2.6% and at Bluemercury they rose 5.8%. Inventory was down 10% year over year, and gross margin declined to 38.1% from 38.9% a year ago.
The company announced further expansion of its small-format strategy. For the first time Macy’s will open smaller off-mall locations in the Northeast and West, with openings in Boston, Las Vegas and San Diego, along with a third for the Midwest, in Indiana.
Source: Retail Dive
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