Macy's, a US-based premier omnichannel retailer, posted sales growth to $5.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $3.5 billion in the same period of previous fiscal. Operating income for the reported quarter expanded to $597 million (Q2 FY20: loss $631 billion), while net income rose to $345 million (loss: $431 million).
Macy's, a US-based premier omnichannel retailer, posted sales growth to $5.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $3.5 billion in the same period of previous fiscal. Operating income for the reported quarter expanded to $597 million (Q2 FY20: loss $631 billion), while net income rose to $345 million (loss: $431 million).#
“Second quarter results were strong across all three nameplates and surpassed our expectations. Our momentum in the first quarter accelerated in the second quarter as we successfully reengaged core customers and attracted new, younger customers with new brands and categories,” Jeff Gennette, chairman and chief executive officer of Macy’s, said in a press release.
Macy's, a US-based premier omnichannel retailer, posted sales growth to $5.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $3.5 billion in the same period of previous fiscal. Operating income for the reported quarter expanded to $597 million (Q2 FY20: loss $631 billion), while net income rose to $345 million (loss: $431 million).#
“Through the Macy’s portfolio and our omnichannel approach, we provide a compelling, seamless integration between physical stores and digital shopping to most effectively meet the needs of our customers,” Gennette added.
Macy's, a US-based premier omnichannel retailer, posted sales growth to $5.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $3.5 billion in the same period of previous fiscal. Operating income for the reported quarter expanded to $597 million (Q2 FY20: loss $631 billion), while net income rose to $345 million (loss: $431 million).#
As macroeconomic trends shifted to more normal levels, the company saw strength across merchandise categories during the second quarter. According to the company, pandemic impacted categories, including denim, luggage, dresses and other occasion-based apparel, came back strong.
Macy's, a US-based premier omnichannel retailer, posted sales growth to $5.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $3.5 billion in the same period of previous fiscal. Operating income for the reported quarter expanded to $597 million (Q2 FY20: loss $631 billion), while net income rose to $345 million (loss: $431 million).#
Digital sales during Q2 FY21 fell 6 per cent against 2020, however grew 45 per cent against 2019.
Macy's, a US-based premier omnichannel retailer, posted sales growth to $5.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $3.5 billion in the same period of previous fiscal. Operating income for the reported quarter expanded to $597 million (Q2 FY20: loss $631 billion), while net income rose to $345 million (loss: $431 million).#
Backed by strong first half, the company has raised its FY21 outlook and expects sales to be in range of $23.5 - $23.9 billion.
Macy's, a US-based premier omnichannel retailer, posted sales growth to $5.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $3.5 billion in the same period of previous fiscal. Operating income for the reported quarter expanded to $597 million (Q2 FY20: loss $631 billion), while net income rose to $345 million (loss: $431 million).#
“The Polaris strategy is working. We have meaningfully improved the fundamentals and overall health of our business, and we are well underway building a stronger Macy’s for the future,” Gennette said in the release.
ALCHEMPro News Desk (JL)
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