US: Online sales boost Macy’s Q3 profit
- Q3 net profit US$139m, versus $10m
- Sales up 4.1% to $5.853bn
- Same store sales up 4%
Department store retail group Macy’s posted a surge in third quarter net profit, boosted by a 39.8% increase in online sales and a 4% rise in same store sales.
The US company said both Macy’s and Bloomingdale’s had performed strongly in the three months ended 29 October.
Macy’s increased its full-year guidance, predicting same store sales up 4.8-5% and earnings per diluted share of $2.70-2.75.
“We continue to move forward in the execution of those strategies that have created a culture of growth at Macy’s – including My Macy’s localisation of our assortments and shopping experience; omnichannel integration across stores, online and mobile; and MAGIC Selling and associate coaching programmes to strengthen customer engagement,” said Terry Lundgren, Macy’s chairman, president and CEO.
Help test our new apparel sourcing tool.
- China leads US apparel sources with falling prices
- Hard hit Turkish industry is not knocked out
- "Power of the many" drives change at Otto Group
- Vietnam grows share of US apparel imports in 2016
- US apparel sector braces for potential cost hikes
- US Q4 in brief – Foot Locker, Nordstrom, Carter's
- Bangladesh crackdown has cost garment sector $100m
- Adidas and Burberry recognised for sustainability
- Inditex and H&M boycott Dhaka Apparel Summit
- Macy's will "do the right thing", says Lundgren
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022