Macy’s (New York) announced its fifth consecutive drop in same-store sales on Wednesday. The company announced a revenue drop of 7.4 percent in the quarter ending April 30 to $5.77 billion, while same-store sales dropped 6.1 percent.
Retailing Today reports that the company also reported losses in stock shares where the company reported profits of $116 million, or 37 cents a share, which is a drop from last year’s $193 million in profits, or 40 cents per share.
In order to combat losses, which the company has attributed to declines in tourist spending, the company plans to aggressively change its selection. It also plans to offer more off-price selections by in-store piloting its discount chain, Macy’s Backstage.