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Macy's Q3 FY20 digital sales grow 27%

27
Nov '20

Pic: Shutterstock

Macy’s, a US-based premier omni-channel fashion retailer, reported decline in its sales to $3.99 billion during the third quarter (Q3) FY20 that ended on October 31, 2020, compared to sales of $5.17 billion in the same period last fiscal. Digital sales for the quarter rose 27 per cent. Company incurred a net loss of $91 million (Q3 FY19: profit $2 million).

“Macy’s third quarter results reflect solid performance across all three brands – Macy’s, Bloomingdale’s and Bluemercury. Our results were driven by disciplined cost management, strong execution by our colleagues and an early start to the holiday shopping season,” Jeff Gennette, chairman and chief executive officer of Macy’s, said in a press release.

Company’s selling, general and administrative expenses were a loss making of $1.72 billion ($2.20 billion). Whereas, operating loss for Q3 FY20 stood at $127 million (operating profit $52 million).

“Customers shopped our brands across all channels in the third quarter and responded well to our expanded fulfilment offerings, such as curbside, store pickup and same-day delivery. Our digital business delivered strong growth and sales in our stores continued to recover. Customers have shifted their spending to casual apparel and categories they can enjoy as they stay at home,” Gennette said.

“Looking to Holiday 2020, we know this year is different. We are committed to bringing the joy of the season to America as we do every year. From next week’s Thanksgiving Day Parade to reimagined family gatherings, we will help our customers and their families celebrate in style,” Gennette said in the release.

Fibre2Fashion News Desk (JL)

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