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Higher sales and earnings at Macy's in Q3FY18

18
Nov '18
Higher sales and earnings were recorded at Macy’s, one of the premier retailers, in the third quarter of fiscal 2018. The rise was driven by strong digital, continued improvement from brick & mortar and execution of the North Star Strategy. There was comparable sales growth of 3.1 per cent on an owned basis and 3.3 per cent on an owned plus licensed basis.

Asset sale gains for the third quarter of fiscal 2018 totaled $42 million pre-tax, or $31 million after-tax and $0.10 per diluted share attributable to Macy’s, Inc. This compared to the third quarter of fiscal 2017 when asset sale gains totaled $65 million pre-tax, or $40 million after-tax and $0.13 per diluted share attributable to Macy’s, Inc.

"We are pleased with Macy’s, Inc. performance in the third quarter, marking our fourth consecutive quarter of comparable sales growth. Macy’s, Bloomingdale’s and Bluemercury all performed well. Our strategic initiatives are gaining momentum and delivering results. Another double-digit quarter from our digital business and a strong stores performance combined to help us exceed expectations. We continue to see an improved trend in brick and mortar across the fleet with particularly strong results from our Growth50 stores," said Jeff Gennette, Macy's, chairman and chief executive officer. "The holiday season is when Macy’s truly shines. We have the right merchandise, the right marketing and the right customer experiences in place to deliver a strong fourth quarter."

The company's strategic initiatives will put it on track to deliver strong holiday season and fourth quarter. (RR)

Fibre2Fashion News Desk – India


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