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Q2FY17 sales down 3.9% at apparel retailer Macy's
Aug '16
Sales in the quarter ended July 2, 2016 at apparel retailer Macy's totaled $5.86 billion, down 3.9 per cent, compared with sales of $6.104 billion in the same period last fiscal.

Comparable sales on an owned plus licensed basis too fell 2.0 per cent in the reporting quarter, while on an only owned basis; comparable sales declined 2.6 per cent.

“The difference between the year-over-year change in total and comparable sales largely resulted from the closing of 41 under performing Macy's stores in fiscal 2016,” the retailer explained.

In the second quarter of fiscal 2017, operating income reached $117 million or 2.0 per cent of sales as against operating income of $436 million or 7.1 per cent of sales in the prior fiscal' second quarter.

Excluding asset impairment and other charges of $154 after tax and non-cash settlement charges of $3 million after tax, operating income was $372 million or 6.4 percent of sales for the quarter under review.

The apparel retailer reported diluted earnings per share of 3 cents in the reporting period and excluding asset impairment and non-cash retirement plan settlement charges, earnings per share were 54 cents. (AR)

Fibre2fashion News Desk - India

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