Macy's Inc., once a major player in U.S. retail, is struggling significantly. With a 28% stock decline this year and persistent falls in same-store sales, its attempts to shrink for profitability have proven unsuccessful.
Despite efforts to downsize, Macy's same-store sales dropped 4% year over year. The flagship brand experienced even steeper declines, indicating a troubling trend that is expected to continue.
Macy's financial performance reveals serious issues: revenue decreased from $5.1 billion to $4.9 billion, and net income was only $150 million compared to a $22 million loss a year prior.
With plans to close 150 stores and a history of closure in 2022, Macy's is failing to adapt to changing retail conditions. It has become a dying brand, unable to retain customers.
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