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Macy’s Sees Revenue Dip 5% in 4Q

Feb 24, 2016 1:58 AM   By Rapaport News
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RAPAPORT... Macy’s reported revenue fell 5.3 percent year on year to $8.87 billion in the fourth quarter that ended January 30. Business in 2015 was tough but picked up in January thanks to sales of winter clothing.

“While 2015 was challenging, our sales trend improved in January as the weather turned colder in northern climate zones and Macy’s and Bloomingdale’s were well-stocked in coats, boots, sweaters, gloves, hats and other seasonal goods,” Terry Lundgren, the department-store chain’s chairman and chief executive officer, said in a statement February 23.

Comparable sales on an owned-plus-licensed basis for the fourth quarter were down 4.3 percent, while profit slumped 31 percent to $544 million.

In January the retailer announced it was closing 40 stores and cutting staff following disappointing results in 2015, with sales for the holiday season declining 4.7 percent year on year.

Revenue in the 12 months to January 30 dropped 3.7 percent to $27.08 billion. Total sales in fiscal 2016 are expected to be down about 2 percent on the back of the stores closures.
Tags: department stores, Macy’s, Rapaport News, retail, u.s.
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