Macy’s had a brutal first quarter, with sales tumbling 5.2 percent in what analysts called another indicator of the tough retail climate.
The company’s overall sales for the initial quarter of 2017 (ended April 29) fell 7.5 percent to $5.338 billion, due in part to a program of store closings.
In a statement, president and CEO Jeff Gennette said the company was encouraged by the performance of a pilot program with fine jewelry, which it will soon expand nationally. Its digital platform also showed strong growth.
Despite the below-expectations number, Macy’s has not revised its guidance. It expects comps to decline between 2.2 percent and 3.3 percent for the year.
(Image courtesy of Macy’s Inc.)