Macy's profit exceeded expectations in the first quarter! Online sales accounted for 33% of total sales!

It is learned that Macy's announced strong performance in the first quarter of 2022 despite a challenging operating environment, with earnings exceeding expectations and revenue within expectations. This is due to the surge in demand for clothing, cosmetics and travel products, which greatly increased traffic in physical stores.

Macy's profit for the first quarter ended April 30 increased to $286 million, or $0.98 per share, from $103 million, or $0.32 per share, in the same period last year. Adjusted earnings were $1.08 per share, higher than analysts' forecast of adjusted earnings of $0.82 per share. Revenue increased nearly 14% from $4.71 billion to $5.35 billion.

Online sales increased by 2% year-on-year and increased by 34% from Q1 2019. Online sales accounted for 33% of total sales, down 4% from the same period last year but up 9% from Q1 2019.

By department, Macy's sales increased 10.7% year-over-year, with strong performances in men's apparel, women's shoes and accessories. In the past 12 months, approximately 44.4 million active buyers purchased Macy's brands, an increase of 14% compared to last year.

In March, Macy's planned to expand its discount concept, Macy's Backstage, by opening 37 Backstage stores in Macy's stores by June. Earlier this month, it brought the concept to its Herald Square flagship in Manhattan, opening a 15,000-square-foot, eight-story store.

It is learned that the sales of private brands of Bloomingdale's, a subsidiary of Macy's, increased by 28.1% year-on-year. Luxury goods continued to maintain strong performance, and strong sales of dresses, men's tailored clothing, modern men's and women's clothing and luggage drove performance growth. Macy's expects its revenue in 2022 to be in line with the level of 2021, between US$24.46 billion and US$24.7 billion.

Editor ✎Estella/

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