Despite a slight drop in overall sales, Macy’s has continued to strengthen its business as it bolsters the store experience, revamps its rewards program and forges new partnerships. In Q2 2018, Macy’s saw:
- Earnings per share (EPS) reach $0.70 vs. $0.51 cents expected;
- Revenue fall 1.1%, reaching $5.57 billion vs. $5.55 billion expected;
- Net income reach $166 million, well ahead of the $111 million in Q2 2017; and
- Same-store sales (in owned plus licensed stores) increase 0.5% vs. an expected decrease of 0.9%, marking the third consecutive quarter of comparable store growth.
The department store also raised its outlook for full-year earnings and same-store sales, backed by a healthy consumer spending environment. CEO Jeff Gennette highlighted that the Macy’s, Bloomingdale’s and Bluemercury brands “all performed well” and that the company as a whole continues…