Macy's reports FY19 sales of $8.33 billion

23 Mar '20

1 min read

Pic: Macy's/ Bloomingdale's

Macy’s Inc, a US-based premier omni-channel fashion retailer, posted decrease in its Q4 FY19 net sales to $8.33 billion compared to $8.45 billion in prior year. For full fiscal 2019, ended on February 1, 2020, net sales fell from $24.9 billion in FY18 to $24.5 billion. Operating income in the year reduced to $970 million (FY18: $1,738 million).

“Taken as a whole, 2019 did not play out as we intended for Macy's, Inc. However, we executed well during the Holiday 2019 season. We were pleased with the significant trend improvement in the fourth quarter, including a meaningful sales uptick in the 10 shopping days before Christmas,” Jeff Gennette, chairman and chief executive officer of Macy’s, said in a press release.

Operating income in the quarter dropped to $559 million compared to $1,050 million in same period prior year. Net income in Q4 FY19 decreased to $340 million (Q4 FY18: 740 million). Net income for the full year decreased to $564 million (FY18: $1,098 million).

In its 2020 guidance the company expects net sales to be in the range of $23.6 billion to $23.9 billion.

Fibre2Fashion News Desk (JL)

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