Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/wp-includes/functions.php on line 6260 Macy’s Sales Suffer in the Third Quarter of 2020 - Beauty Packaging

What are you searching for?

Sign in
Beauty Industry

Macy’s Sales Suffer in the Third Quarter of 2020

Net sales declined 21% compared to Q3 of 2019.

By: Beauty Packaging Staff

Macy’s net sales declined 21% in the third quarter of 2020, from $5,173 million in 2019 to $3,990 in 2020, a loss of approximately $91 million.
 
On the bright side, digital sales grew 27% over third quarter 2019 and penetrated at 38% of total owned comparable sales.
 
“Our digital business delivered strong growth and sales in our stores continued to recover,” commented Jeff Gennette, chairman and CEO of Macy’s inc. “Customers have shifted their spending to casual apparel and categories they can enjoy as they stay at home. Several of these categories, including home furnishings, jewelry and fragrance, have generated double-digit sales growth compared to last year.”
 
“Looking to Holiday 2020, we know this year is different… We have the right gifting assortment with newness from value to luxury, and our expanded fulfillment options allow customers to shop safely and conveniently, in store or online,” Gennette added. “We continue to watch the resurgence of Covid-19 and its potential impact on our business. Our teams are executing well and have shown the flexibility and agility to adjust plans and provide a great omnichannel experience to our customers.”
 
Macy’s Inc. has withdrawn its 2020 earnings guidance due to ongoing uncertainty as a result of the Covid-19 pandemic.

Add us as a preferred source on Google

Get the latest Beauty Packaging news, insights and analysis in your Google Search and AI experiences.

Add Beauty Packaging as a preferred source on Google (opens in a new tab)

Keep Up With Our Content. Subscribe To Beauty Packaging Newsletters

Topics