On a percentage basis, Macy’s total end-of-quarter inventories were on track to be slightly below last year and down mid-teens relative to 2019, the company said in a press release.

“Black Friday/Cyber Monday sales were in line with our expectations, while the week leading up to and following Christmas were ahead. However, the lulls of the non-peak holiday weeks were deeper than anticipated. Overall, our occasion apparel and gift-giving businesses were strengths and inventory composition and price points aligned with customers' needs. Throughout the season, Bloomingdale’s continued to outperform. Across nameplates, we stayed close to our customer, utilising data, and analytics tools to respond to shifts in demand. This has contributed to clean inventories and an expected gross margin rate roughly in line with previously issued fourth quarter guidance,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.

The company expects to report full results for the fourth quarter and fiscal year 2022 in early March 2023.

Fibre2Fashion News Desk (DP)