Macy’s announces fourth quarter results | Retail News USA
Home » News » Retailers News » Macys Announces Fourth Quarter Results

Macy’s announces fourth quarter results

Share: 
      Newsletter

READ MORE ON Fashion RetailerMacy’sRetailer News USARetail Information

Macy’s Store

Image Courtesy: shopdullestowncenter.com

Major US apparel retailer Macy’s Inc. has announced its fourth quarter results. During the period under review, its total sales stood US $ 8.515 billion, down 4 per cent from total sales of US $ 8.869 billion in the fourth quarter of 2015. On an owned basis, fourth quarter comparable sales declined by 2.7 per cent. Comparable sales on an owned plus licensed basis for the review quarter were down 2.1 per cent.

Sales in fiscal 2016 totalled US $ 25.778 billion, down 4.8 per cent from total sales of US $ 27.079 billion in fiscal 2015. On an owned basis, fiscal 2016 comparable sales tumbled 3.5 per cent. Comparable sales on an owned plus licensed basis for fiscal 2016 also declined by 2.9 per cent.

“While 2016 was not the year we expected, we made significant progress on key initiatives that are starting to bear fruit. These include continued improvement in our digital platforms, the rollout of our new approach to fine jewellery, an increase in exclusive merchandise and the refinement of our clearance and off-price strategy. We also took a big step forward in rightsizing our physical footprint and restructuring our entire organization. The combination of these initiatives will help us gain market share, return to growth and drive enhanced value for our shareholders over time,” said Terry J. Lundgren, Macy’s Chairman and Chief Executive Officer.

Also ReadMacy’s-owned Bloomingdale’s to reach Kuwait by Spring ’17

In the financial year 2016, the fashion retailer opened 27 stores and closed 66 stores. It further plans to close an additional approximately 34 stores over the next few years for a total of approximately 100 stores.

 

Have some news? Let us know on news@apparelresources.com

Recommended by Apparel Resources

Lululemon Athletica’s net revenue zooms

Lululemon Athletica Inc., a yoga-inspired apparel athletic company, has announced financial results for the fourth quarter and fiscal year ended January 31, 2016....

Sportsman’s Warehouse gets new President and CEO

Sportsman’s Warehouse Holdings Inc., the US-based outdoor sporting goods retailer, has tapped Jon Barker as the new President and Chief Operating Officer of the...

6ixty8ight to open flagship store in Seoul

The iconic youth fashion brand, 6ixty8ight, based in Hong Kong, has chosen South Korea as its first international market outside China. The company...

GAP struggles to boost sales in India

US-based apparel retailer GAP Inc., which has a franchise agreement with textile and apparel major Arvind Lifestyle Brands, has been struggling to boost...

Topshop Chief quits

Mary Homer, who has been heading the British fashion label Topshop for the past ten years, has announced to quit the post. This...

NIKE opens its biggest Eastern Europe store in Moscow

US-based sports giant, NIKE has opened its first flagship and biggest store in Eastern Europe on Kuznetskiy Most in Moscow, Russia. NIKE’s partner...

Fashion retailer G-III Apparel’s net sales soars

US -based clothing retailer G-III Apparel Group has announced its fourth quarter and full year financial report for the year 2016-17.In the fourth...

India’s CCI approves deal involving Future Lifestyle Fashion

India’s Competition Commission has approved a deal to allow Future Lifestyle Fashion (FLFL) to transfer a section of its apparel marketing business.  Apparel...

Shoppers Stop inks deal with ToneTag to improve its digitisation

To improve its digitisation play across its stores, India-based retail chain Shoppers Stop has inked deal with proximity communications firm ToneTag to deploy...

Ben Sherman to open first full-price shop at Liverpool

The UK-based menswear brand, Ben Sherman, is going to launch its first full-price store at Liverpool. This new store which is covering 1,755...