Macy's 2021Q4 sales and profits exceeded expectations! Online business performed outstandingly!

AMZ12 learned that despite Macy's facing many challenges from supply chain issues to labor shortages and inflation, Macy's sales and profits in the fourth quarter of 2021 exceeded Wall Street expectations. The following is a summary of Macy's 2021Q4 quarterly financial report ending January 29:

• Sales were $8.67 billion, up 27.9% from $6.78 billion in the same period of 2020 and up 4% from $8.34 billion in the same period of 2019;
• Net income was $742 million, up from $160 million in the same period of 2020 and up from $340 million in the same period of 2019;
• Macys.com’s conversion rate was 4.47%, up 9% from Q4 2019.
• Online sales grew 12% and accounted for 39% of total sales in the fourth quarter.

Macy's 2021 financial report as of January 29:

• Sales were $24.46 billion, up 41.0% from $17.35 billion in 2020 but down 0.4% from $24.56 billion in 2019;
• Net profit of $1.43 billion, compared to a net loss of $3.94 billion in 2020 and a net profit of $564 million in 2019;
• Online sales increased by 13% compared to 2020 and 39% compared to 2019;
• Macys.com had a conversion rate of 4.24%, a 13% increase compared to 2019.

It is learned that Macy's said it will not spin off its e-commerce division from Macy's and Bloomingdale's. Online sales in the fourth quarter were slightly lower than the surge in online shopping caused by the epidemic in the fourth quarter of 2020, but still increased by nearly 9 percentage points compared with the fourth quarter of 2019.

In the fourth quarter of 2021, approximately 7.2 million new buyers purchased Macy's products, an increase of 11% compared to the fourth quarter of 2019. 58% of the new buyers came from online channels. In addition, in the fourth quarter of 2021, Macy's completed 28% of Macys.com orders and a quarter of the orders for the whole year.

Editor ✎Estella/

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