Macy’s, a US-based premier omni-channel fashion retailer, has reported 17 per cent sales decline to $6.7 billion during the fourth quarter (Q4) FY20 that ended on January 30, 2021, compared to the sales of $8.3 billion in the same period prior fiscal. Company’s net income during the quarter slipped to $160 million (Q4 FY19: $340 million).
Macy's, a US-based premier omni-channel fashion retailer, has reported 17 per cent sales decline to $6.7 billion during the fourth quarter (Q4) FY20 that ended on January 30, 2021, compared to the sales of $8.3 billion in the same period prior fiscal. Company's net income during the quarter slipped to $160 million (Q4 FY19: $340 million). #
“Macy’s fourth quarter results exceeded our expectations across all three of our brands, as we showed continued quarter-to-quarter sales performance improvements and returned to profitability,” Jeff Gennette, chairman and chief executive officer of Macy’s, said in a press release.
Macy's, a US-based premier omni-channel fashion retailer, has reported 17 per cent sales decline to $6.7 billion during the fourth quarter (Q4) FY20 that ended on January 30, 2021, compared to the sales of $8.3 billion in the same period prior fiscal. Company's net income during the quarter slipped to $160 million (Q4 FY19: $340 million). #
Company’s selling, general and administrative expenses improved to $2.0 billion ($2.5 billion). Whereas, operating income for Q4 FY20 dropped to $401 million ($559 million).
Macy's, a US-based premier omni-channel fashion retailer, has reported 17 per cent sales decline to $6.7 billion during the fourth quarter (Q4) FY20 that ended on January 30, 2021, compared to the sales of $8.3 billion in the same period prior fiscal. Company's net income during the quarter slipped to $160 million (Q4 FY19: $340 million). #
“Performance was driven by the home, beauty, jewellery and watch categories, growth in digital sales and by acquiring new customers. Our investments in digital innovation continued to pay off in the quarter, with digital sales up 21 per cent from 2019. We anticipate annual digital sales to reach $10 billion within the next three years, and that digital will become an even more profitable contributor to our business,” Gennette said.
Macy's, a US-based premier omni-channel fashion retailer, has reported 17 per cent sales decline to $6.7 billion during the fourth quarter (Q4) FY20 that ended on January 30, 2021, compared to the sales of $8.3 billion in the same period prior fiscal. Company's net income during the quarter slipped to $160 million (Q4 FY19: $340 million). #
“The Polaris strategy proved to be a critical enabler of our performance in 2020, allowing us to adapt and innovate with agility during the pandemic. Early actions guided by Polaris helped us broaden fashion categories, including home, beauty and casual apparel, and improve the digital experience,” Gennette concluded in the release.
Fibre2Fashion News Desk (JL)
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