Macy’s: Categories that boomed during the pandemic have been losing steam

2022.09.21

Other key metrics from the company’s Q2:

Macy’s comparable sales were down 2.9% on an owned basis and down 2.8%, on an owned-plus-licensed basis.

Bloomingdale’s comparable sales on an owned basis were up 8.8% and on an owned-plus-licensed basis were up 5.8%.

Consolidated company comp sales were down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed basis; up 4.3% and 4.4%, respectively, versus the second quarter of 2019.

Digital sales decreased 5% year-over-year while increasing 37% versus the second quarter of 2019.

Digital penetration was 30% of net sales, a 2-percentage point decline from the second quarter of 2021, but 8-percentage points higher than the second quarter of 2019.

Due to heavy markdown activity and flagging consumer sentiment, Macy’s Inc. cut its full-year guidance today. It now expects 2022 net sales of $24.34 billion to $24.58 billion, compared with its previous forecast of $24.46 billion to $24.70 billion.