Macy’s Holiday Season Tops Market Expectations

Macy’s asserted that its comparable sales results for the months of November and December 2019 decreased less than previously expected. Meanwhile, several media reports indicate that Macy’s is eyeing at least some store closures.

November/December 2019 comparable sales on an owned basis decreased 0.7%. On an owned plus licensed basis, comparable sales decreased 0.6% during the holiday season, the department store reported.

Separately, several recent media reports have indicated that Macy’s is closing some stores. One media report put the total at 11, while a recent Wall St. Journal report indicated that the closures would include 28 Macy’s stores and one Bloomingdale’s location.

“Macy’s, Inc.’s performance during the holiday season reflected a strong trend improvement from the third quarter. Our digital business and Growth150 stores performed well. Additionally, customers responded to our gifting assortment and marketing strategy, particularly in the 10 days before Christmas,” said Jeff Gennette, chairman and CEO of Macy’s. “The entire organization committed to delivering holiday 2019, and it showed up in our execution. I want to thank all of our colleagues, full-time, part-time and seasonal, for their hard work and dedication to serving our customers.”

As previously announced, Macy’s said it will host an Investor Day on February 5, 2020, at the New York Stock Exchange. At that time, the management team will share details of Macy’s, Inc.’s growth plans and three-year strategy.