Online GMV grew 34% in the first quarter, and Macy's performance exceeded expectations

Recently, Macy's said that due to the impact of government stimulus measures and the return of core customers to shopping, the company's first-quarter revenue and sales expectations exceeded expectations, prompting the department store to raise its outlook for the year.

Macy's first-quarter online sales up 34%

Macy's net income was $103 million in the first quarter ended May 1, 2021 , compared with a loss of $3.58 billion in the same period last year.

Among them, digital sales increased by 34% in the first quarter of 2020 and increased by 32% in the first quarter of 2019. Digital penetration accounted for 37% of net sales, down 6 percentage points from the first quarter of 2020 when stores were temporarily closed, but down 13 percentage points from the first quarter of 2019.

Survey data showed that in the first quarter, sales performance of three brands exceeded expectations, namely Macy's , Bloomingdale's and Bluemercury. Macy's Chairman and CEO Jeff Genett said that his company has maintained its growth momentum since the fourth quarter, and sales trends have been improving throughout the first quarter.

The sales growth was mainly driven by the positive impact of government stimulus programs , expanded vaccine rollout and accelerated implementation of our Polaris strategy, including investments in digital platforms.

Home furnishings and jewelry become new favorites for online shopping

As consumers seek to reengage with one another, core customers as well as new ones are shopping again, and increasingly they are doing so online .

Categories including home , fine jewelry , watches , fragrance and luxury have performed strongly throughout the pandemic . As customers begin to travel and return to pre-pandemic lifestyles, new opportunities are emerging in new categories and brands, including toys , health and wellness , pets and home decor .

It appears that Macy's transformation was a very smart one, and the company is now well positioned to achieve sustainable , profitable growth in 2021 and beyond .

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