Macy's reported $4.8 billion in net sales for the second quarter, topping company guidance and analyst estimates. The company recorded its strongest comparable sales increase in 12 consecutive quarters, with Macy's namesake stores, Bloomingdale's and Bluemercury all showing growth. Bloomingdale's posted its fourth consecutive quarter of comparable sales growth and Bluemercury its 18th. Macy's raised its full-year financial guidance after earlier cuts, citing momentum from its 'Bold New Chapter' turnaround plan. The plan includes closing 150 underperforming Macy's locations, expanding Bloomingdale's and Bluemercury with 45 new stores through 2026, and has already closed 64 stores.
Macy's is coming up for air, topping earnings estimates and delivering the best comparable sales jump in 12 consecutive quarters. With $4.8 billion in net sales, the retail company exceeded the company's guidance, raising its full-year financial guidance after cutting it earlier this year, the company announced in its second quarter earnings report. In addition to is namesake brand, Bloomingdale's and Bluemercury, both owned by Macy's, also saw comparable sales growth for a 4th and 18th consecutive quarter respectively.
In an effort to turnaround from consecutive declines, Macy's released a turnover plan in February last year, focusing on store closures and modernizing existing operations. The turnover plan included the announced closure of 150 "unproductive" Macy's locations, and the expansion of the Bloomingdale's and Bluemercury brands through 45 new locations, both to be completed through 2026. Since the announcement, Macy's has already shut down 64 stores.
"Our performance highlights the advantages of being a multi-brand, multi-category, omni-channel retailer," Macy's Inc. chairman and CEO Tony Spring said of the report. Macy's sales announcement is already well received among investors, with the company's shares seeing a 13% uptick in premarket trading, and is still up by 17.% at the time of publishing. Macy's 'Bold New Chapter' is working In an effort to turnaround from consecutive declines, Macy's released a turnover plan in February last year, focusing on store closures and modernizing existing operations.
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