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.
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.