Macy's Q2 FY20 result: sales $3,559 mn; net loss $431 mn

04 Sep '20

2 min read

Pic: Shutterstock

Macy’s, a US-based premier omni-channel fashion retailer, has reported 34.7 per cent sales decline to $3,559 million in its second quarter (Q2) for fiscal 2020 ended on August 1, compared to sales of $5,546 million in the same period previous fiscal. Net loss for the quarter were $431 million compared to net income of $86 million in Q2 FY19.

“Macy’s performance for the quarter was stronger than anticipated across all three brands: Macy’s, Bloomingdale’s and Bluemercury, driven largely by the sales recovery of our stores. Restarting our stores’ business was our top priority, and we successfully accomplished that while also ensuring that our digital business remained strong,” Jeff Gennette, chairman and chief executive officer of Macy’s, said in a press release.

Digital sales for the quarter grew 53 per cent over Q2 FY19. Selling, general and administrative expenses for Q2 FY20 were a loss of $1,398 million (Q2 FY19: $2,177). Operating loss were $631 million compared to operating income of $155 million.

“We are encouraged by our second quarter performance; however, we continue to approach the back half of the year conservatively. Our immediate priority is successfully executing Holiday 2020. We are also focused on laying the groundwork for 2021 and beyond,” Gennette said. “We plan to invest in fashion, digital and omnichannel, work with agility, and galvanise the resources of the company to serve our customers and move the Macy’s business forward.”

Fibre2Fashion News Desk (JL)

More Macys.com, Inc., News... More Retail News - United States Of America...