In comparison to other categories, Macy’s Inc. home sales experienced a far greater decline in the first half of the fiscal year.
Sales in Macy’s Inc.’s Home/Other category dropped 14% to $1.4 billion during the first half that ended on August 3. The sales of home items from Macy’s and Bloomingdale’s nameplates and formats are included in the figures. Restaurant sales, allowance for goods returns adjustments, and breakage income from unused gift cards make up the majority of the category “Other.”
Men’s and children’s sales were down 4.3%, while women’s accessories, shoes, cosmetics, and fragrances had a 0.4% decline in comparison to the double-digit decline at home. The sales of women’s clothing barely increased by 0.2%.
Sales of Home/Other decreased 10.3% to $771 million in the second quarter. Compared to Q1, when the segment’s revenues fell 17.6% to $650 million, that represented an improvement.
Sales of discretionary products started to decline across all Macy’s Inc. retail operations in the middle of the quarter, the company said during last month’s Q2 investor call. Tony Spring, the chairman and CEO of Macy’s Inc., has stated that the retailer will concentrate on gifting to increase sales during the fourth quarter.
Next year, he continued, the home department would finally see the private label “brand reimagination” at Macy’s department shops.
