People are still shopping at Macy’s as the company has reported a 3.6% increase in sales and profits for the first fiscal quarter 2018.
According to an article on The Wall Street Journal, people are still shopping at Macy’s. The company reported a 3.6% increase in sales and profits for Q1. The increase was because of fashion sales, jewelry sales, furniture sales, and more.
Sales increased by about 3.6% or so to about $5.4 billion compared to last year. Earnings increased to about $0.45 or so per share. That’s compared to last year at about $0.26 per share. Earnings results beat analysts expectations and the company increased its earnings forecast by $0.20 from $3.75 to $3.95.
The increase was because of fashion sale for women and men as well as sales in jewelry, handbags, and furniture. Sales also increased because of the renovation of the Bloomingdale’s store in New York. The company has renovated Macy’s stores as well.
Sales increased both online and in stores. Tourists are also shopping a lot at the company’s store in New York.
The company says it had its 30% off sale earlier than usual and that it was about 2.5% of sales where sales would’ve only increased by 1.7% without the sale.
Sales at department stores have been declining for a while as customers shop more online than in stores. A couple of years ago, the company announced plans to close 36 stores and cut about 4,800 jobs. Last year in August, the company announced plans to cut 100 jobs because of declining sales.
As for if sales and profits at the company will continue to increase, we’ll just have to wait and see.
So, what do you think? Will sales and profits continue to increase at Macy’s? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
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