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Macy's Reports Another Drop in Sales

·1 min

Macy’s, the largest department store chain in the United States, reported a decline in sales for the first quarter of the year. This indicates a decrease in discretionary purchases by U.S. shoppers or their preference for alternative shopping options. However, the company’s CEO highlighted that there were positive signs of progress in Macy’s turnaround plan. The company has been making efforts to enhance the shopping experience by increasing staff and remodeling stores. Macy’s comparable-store sales in the U.S. dropped 1.2% compared to the same period last year. The namesake Macy’s brand experienced the biggest decline in sales, while sales at Bloomingdale’s and Bluemercury increased. Overall, department stores’ retail sales fell 2.4% in the first four months of the year. Despite Macy’s challenges, some other retailers specialized in clothing, beauty products, and home decor have managed to attract customers. Macy’s has slightly revised its guidance for net sales and expects a decrease in comparable-store sales.