Headlines

Macy’s Reports Drop in Income

Drop in sales due to warmer weather

Published

8 years ago

February 24, 2016

Macy’s (Cincinnati) released its most recent fourth-quarter earnings, which included a drop in net income of 31.5 percent from $793 million the previous year to $543 million. This resulted in a total net decrease for the year of 30 percent.

Sales for the quarter were down 5.2 percent (to $8.87 billion) with comparable sales down 4.8 percent for the quarter. For the year, comparable sales were down 2.5 percent. Part of the quarterly drop in sales is being accredited to warmer seasonal weather, reports Women’s Wear Daily.

The company, did however, see online sales increase by double-digits for the year. As it looks forward, it hopes to stabilize sales with new ventures including its Macy’s Backstage discount stores and partnerships with LensCrafters (Mason, Ohio), Men’s Wearhouse (Houston) and Best Buy (Richfield, Minn.).

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