Macy's posts Q1 FY20 sales of $3,017 million

10 Jun '20

2 min read

Pic: Macy's/ Calvin Klein

Macy's, a US-based premier omni-channel fashion retailer, has reported its sales decreased to $3,017 millions in the first quarter (Q1) FY20 ended on May 2, 2020, compared to the sales of $5,504 million in same period prior year. Company reported a net loss of $652 million during the quarter compared to net income of $136 million in Q1 FY19.

“Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong,” Jeff Gennette, chairman and chief executive officer at Macy’s, said in a press release.

By June 1, we had approximately 450 stores reopened, with the majority opened in their full format. Our reopened stores are performing better than anticipated. Importantly, we are receiving positive feedback on the curbside pickup experience and our efforts to create a safe and welcoming shopping environment.”

Gross margin for Q1 FY20 fell to $516 million (Q1 FY19: $2,101 million). Selling, general and administrative expenses decreased to $1,598 million ($2,112 million). Macy’s reported an operating loss during the quarter of $969 million compared to operating income of $203 million in Q1 FY19.

“We are seeing strong sell-through of seasonal merchandise, and anticipate that we will exit the second quarter in a clean inventory position. The holiday season will be crucial, and the team is working now to get the right merchandise and assortment in place,” Gennette said.

Fibre2Fashion News Desk (JL)

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