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The global fashion business journal

Jul 8, 20204:29am

Macy’s profit plummets by 49% in 2019

The American department store chain has concluded the year with a revenue of 24,560 million dollars and a net income of 564 million dollars.

Feb 25, 2020 — 6:23pm
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Macy’s profit plummets by 49% in 2019

 

 

Macy’s collapses amid restructuring. The US department store chain has concluded 2019 with a 49% collapse in its net profit, to 564 million dollars, compared to the 1.1 billion dollars recorded in 2018. In this exercise, the group’s comparable sales dropped by 1.6%, to 24.5 billion dollars.

 

Macy’s, who has ensured that the result obtained did not play as it intended, is immersed in a restructuring process. In early February, the department store chain announced the additional closures of 125 stores and laying off 2,000 employees as part of its new three-year adjustment plan.

 

In addition to the closures, the new strategy included strengthening the relationship with customers, improving fashion supply, accelerating digital growth and optimizing its store portfolio. In the latter, the chain is trying out other options such as Market by Macy’s.

 

Macy’s new plan, called Polaris, foresees an economic impact of 420 million. By 2020, the company expects even smaller numbers than in 2019. The company increased its forecasts for the current fiscal year by 1.8%, from 23.6 billion dollars to 23.9 billion dollars.

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