Macy's sales fall for 10th quarter in a row

 
Helen Cahill
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Both US and UK retailers are managing large structural changes in the industry (Source: Getty)

Macy's has unveiled its 10th quarter of falling sales as it battles the rise of online shopping.

The figures

Total sales in the second quarter of 2017 came to $5.6bn (£4.3bn), down 5.4 per cent, which Macy's said partly reflected store closures. On a like-for-like basis, sales were down 2.8 per cent, an improvement on the 5.2 per cent fall seen in the prior quarter.

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Net income rose to $116m from $11m in the year before.

Why it's interesting

Macy's sales have been suffering due to the growing importance of online retailing, and said today that it was looking at ways of "stabilising" its bricks-and-mortar business.

The department store has been investing in improving the shopping experience for its customers, with exclusive ranges in store and a better use of technology. Aside from improving its physical outlets, Macy's has been bolstering its online offering, and has been responding to the rapid growth in mobile shopping.

What Macy's said

Jeff Gennette, Macy's president and chief executive, said: "We saw a notable contribution from the full execution of our new women's shoe and jewellery models...We are excited about plans for fall, including the launch of a new loyalty program and the new marketing strategy, which we anticipate will further improve our sales trend in the back half of the year."

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