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Macy’s Sales Slip in Challenging Economy

March 5, 2023  |  Leah Meirovich
Macy's New York City credit Shutterstock

Revenue at Macy’s fell 4.6% in the fourth fiscal quarter amid inflation and an unfavorable comparison with last year’s stimulus-fueled holiday season.

Sales came to $8.26 billion for the three months ending January 28, the company said last week. Comparable-store sales — at owned and licensed shops open for at least a year — decreased 3.3%.

“Performance year-over-year primarily reflects the impacts of macroeconomic pressures on the consumer in conjunction with a lack of government stimulus benefits and a heightened competitive retail environment driven by industry-wide inventory surpluses,” the retailer explained.

Macy’s noted strong growth in its Pandora store-in-store boutiques, which the company debuted at five locations in November 2021.

The Pandora initiative “has immediately energized our entire jewelry floor at big productivity-level increases from what we had previously,” Macy’s CEO Jeff Gennette said Thursday in an earnings call transcribed by The Motley Fool. “We’re going to be expanding that.”

Group sales for the full year slipped 1% to $24.44 billion, while profit declined 18% to $1.18 billion.

Image: The Macy’s flagship store on Herald Square, New York. (Shutterstock)


Macy's New York City credit Shutterstock Macy’s Sales Slip in Challenging Economy

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