Macy's releases second quarter financial report, 41% of new customers come from online

Macy's revenue for the second quarter ended July 31 , 2021 , was $5.65 billion , exceeding its previous forecast of $5.01 billion. In comparison, revenue in the same period last year was $3.56 billion , and sales in the quarter increased 58.7% year-on- year .

The financial report also showed that Macy 's net profit in the second quarter was $345 million , while the net loss in the same period last year was $431 million. Previously, Macy's expected full-year sales to be between $21.73 billion and $22.23 billion . In this earnings call, Macy's raised its sales forecast to between $23.55 billion and $23.95 billion .

Compared with the second quarter of 2019, Macy's average single customer spending increased by 15%, and increased by 5 percentage points compared with the first quarter of 2021. The company said that they are attracting more younger customers . In this quarter , they had 5 million new customers, 41% of which came from online . Due to the easing of the epidemic, Macy's online sales fell 6% compared with the second quarter of last year, but increased 45% compared with 2019.

Macy's CEO Jeff Gennette said that whether consumers shop online or offline depends on where they live and their attitude towards the epidemic. "There is definitely a different psychology between suburban and urban customers now," he explained, explaining that many Macy's stores in the suburbs are performing better than in 2019 because consumers in these areas have more free space when shopping; while in cities, people are reluctant to go into crowded indoor stores to shop.

On merchandise sales trends, Jeff Gennette said: "The strength of 'pandemic' category products continues. " These products refer to casual wear and home furnishings. Categories that were hard hit by the pandemic , including denim, luggage, dresses and clothing for other occasions, have returned strongly. Categories that have remained stable during the pandemic , such as perfume, fine jewelry and textiles, continue to perform well.

Judging from Macy’s financial report, although the easing of the epidemic in the first half of the year had a certain impact on e-commerce revenue, the impact of the epidemic on consumption is still continuing, the market is also changing, and some categories of goods still have opportunities for growth.

Macy's

Financial Report

epidemic