Macy’s home sales tumbled by double digits during 1st half
Home sales at Macy’s Inc. saw a dramatically steeper drop than other categories during the first six months of the fiscal year.
NEW YORK – Home sales at Macy’s Inc. saw a dramatically steeper drop than other categories during the first six months of the fiscal year.
For the first half period ended Aug. 3, sales fell 14% to $1.4 billion in the Home/Other category at Macy’s Inc. The results include home goods sales from Macy’s and Bloomingdale’s nameplates and formats. “Other” primarily comprises restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards.
Compared to home’s double-digit drop, sales in women’s accessories/shoes/cosmetics/fragrances slipped 0.4%, with sales in men’s & kid’s down 4.3%. Women’s apparel eked out a 0.2% sales increase.
During the second quarter, Home/Other sales dropped 10.3% to $771 million. That marked an improvement compared to Q1, when the segment’s sales tumbled 17.6% to $650 million.
During Macy’s Inc.’s Q2 investor call last month, the company said sales of discretionary goods began to soften across all Macy’s Inc. retail operations in the middle of the quarter. For the fourth quarter, the chain will focus on gifting to drive sales, according to Tony Spring, chairman and CEO of Macy’s Inc.
The private label “brand reimagination” at Macy’s department stores will finally reach the home department next year, he added.
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