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These days, it is not surprising to hear that department stores are in trouble. Their commercial model invites you to browse the varied sections in brick and mortar stores, but with online purchases more practical than ever, many customers prefer to recover what they need without leaving the house. Despite this, Macy's is a department store that has managed to stay afloat, and there remains an emblematic American pillar. But although the brand's loyalty goes very far, buyers are now abandoning the name of Macy of confidence. Read the rest to discover what the new data reveal on moving customer habits.

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In a November 16 Press release , Macy's revealed its third quarter profits, declaring a 7% drop in sales from year to year. Brick and mortar and online sales decreased by 7%, while comparable sales (sales with comparable stores that include license sales) fell 6.3% compared to the same time in 2022. AE0FCC31AE342FD3A1346EBB1F342FCB

Net profit also fell to $ 43 million, which was a huge 60.2% decrease From the same period of last year, Retail Dive reported. Income also dropped to $ 4.86 billion, compared to $ 5.23 billion last year.

Sales with comparable stores at Bloomingdale, which are under the banner of Macy, have also dropped - and for the Macy's Legacy brand alone (not to mention any other brand belonging), sales with comparable stores dropped by 7.6%.

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Although these figures may seem dark, Macy beat Wall Street's expectations in the last quarter. He generated more income than analysts planned by $ 40 million (4.86 billion dollars against $ 4.82 expected), and his reduction in sales at comparable stores also beat predictions (6.3% against 7 , 75% expected).

In addition, comparable sales were in place at Bluemercury, Macy's luxury beauty brand, while the two out -of -the -price brands (Bloomingdale's Outlet Stores and Macy's Backstage) Macy's full -line stores have outperformed said leaders during a call with investors.

"We have delivered results of up and upper up and up planned in the third quarter and enter the vacation period in a healthy inventory position", " Jeff Gennette , said the president and chief executive officer of Macy's, Inc., in the press release. "Our portfolio of signage plates leads gift destinations through the value spectrum offering exclusive products. We have refined our assortment of gifts, simplified our promotions and improved our purchasing experience."

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Gennette highlighted the holidays as a period when Macy's prosperous, helped by several factors, including an additional weekend to shop before Christmas this year. Given this, the company actually provides for better figures for the fourth quarter.

According to CNBC, Macy increased its expected range of sales From $ 22.8 billion to $ 22.9 billion. It also provides sales with comparable stores to decrease up to 7%, which is better than the previous estimate of a drop of 7.5%.

Speak with diving at retail, Neil Saunders , The director general of GlobalData, recognized Macy's efforts to become more effective - namely by managing stocks, costs and marked - but said that there was more to do in terms of the front line line . More specifically, Saunders said that Macy should improve existing stores, as well as the assortment of products and customer service, while simultaneously opening its smaller footprints.

"The sad truth is that, over time, more and more customers have abandoned Macy's signage plaque - and in particular Macy's signage plaque - because it simply failed to offer the Busy experience they want, "Saunders at Retail Dive told. "In addition to this, among existing customers, portfolio sharing continues to descend, largely due to bad standards and execution, especially in stores."

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