It felt much more like a discount store than a traditional department store. There were mismatched shoes, and garbage was scattered all over the floor. In other parts of the shoe department, there were more traditional department-store displays. Though many customers were left waiting for sales assistants to help them.
In November, Macy's said it would be bringing its Macy's Backstage outlets to 45 of its full-priced department stores. This was not available at its flagship store, but most of the clothing was on sale. By offering big discounts on clothing, Macy's is hoping to win over bargain hunters who shop at off-price stores.
Off-price retail has become popular with stylish shoppers who can buy last season's designer clothes at discounted prices. At Macy's, while the prices were competitive, the clothing seemed less stylish. Especially in its clearance sections, which looked chaotic. Loading Something is loading.
Email address. Following the better-than-expected results, Macy's narrowed the range of its prior fiscal sales guidance and raised its full-year earnings outlook. To be sure, the company has yet to return to same-store sales growth.
Macy's now expects comparable sales on an owned basis to fall 2. Previously, Macy's had forecast total comparable sales to decline by 2. Macy's said it expects full-year earnings to benefit from the recent federal tax reform, which will result in an effective annual tax rate that is about 1 point lower than the retailer previously estimated.
Macy's said it will begin reducing employees in some locations, while adding in others, and will work to "streamline" certain operations completed outside of stores. About this same time last year, Macy's posted disappointing holiday sales and released the locations of more than 60 of the stores it planned to close in The company also said at the time it would close 34 more stores "over the next few years" as leases or operating covenants expired or as sale transactions were completed making closures in total.
Ships bound for L. All Sections. About Us. B2B Publishing. Business Visionaries. Hot Property. Times Events. May 5, August 4, November 3, January 5, Comparable sales growth impact of departments licensed to third parties Note 2. Increase in comparable sales on an owned plus licensed basis.
Represents the period-to-period percentage change in net sales from stores in operation throughout the year presented and the immediately preceding year and all online sales, excluding commissions from departments licensed to third parties.
Stores impacted by a natural disaster or undergoing significant expansion or shrinkage remain in the comparable sales calculation unless the store, or material portion of the store, is closed for a significant period of time. Definitions and calculations of comparable sales differ among companies in the retail industry. Represents the impact of including the sales of departments licensed to third parties occurring in stores in operation throughout the year presented and the immediately preceding year and all online sales in the calculation of comparable sales.
The company licenses third parties to operate certain departments in its stores and online and receives commissions from these third parties based on a percentage of their net sales. In its financial statements prepared in conformity with GAAP, the company includes these commissions rather than sales of the departments licensed to third parties in its net sales.
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