Macy's reports 20% fall in comparable sales, eyes surging virus cases

[Klaralven]

(Reuters) - Macy's Inc M.N reported a more than 20% drop in quarterly comparable on Thursday and said it expects that to continue into the fall season, signaling a tough holiday season for the coronavirus-battered department store chain.

The retailer’s shares fell 3% in premarket trading. Its stock has lost nearly half its value in a tumultuous year in which it has had to lay off thousands of workers and suffer through plunging sales due to outlet closures.

Macy’s Chief Executive Officer Jeff Gennette said the company was keeping an eye on a new wave of COVID-19 cases across the United States and the potential impact on its business.

...

Macy’s said it expects its comparable sales of owned and licensed stores to fall by a low- to mid-20s percentage in the fall season.

https://www.reuters.com/article/us-macy-s-results/macys-reports-20-fall-in-comparable-sales-eyes-surging-virus-cases-idUSKBN27Z1LD

[Renew Deal]

1. I don't see how in person shopping can work this year

Which means retailers are in big trouble.

[MissB]

2. This.

There is zero chance I’ll do in person shopping this year.

Usually Dh and I spend a day at the local weekend market - there are lots of vendors there with handmade goods. They’re closed this year, though they do have an online option.

Then we usually spend a day walking around a lovely part of town with our favorite book store (Powells) and spend a couple of hours inside there, picking up books for gifts.

There’s just no way I’m risking my health to keep that tradition up this year.

[Indykatie]

3. People Working From Home Have No Reason to Buy New Clothes

I'm a big Macys.com customer but I have bought a single thing since March 2020 when I retired and started working from home for my Employer as a part time consultant. The entire (10,000 +) professional staff at the company has been working remotely since May or June of 2020 with no plans to return to the office in the near future. I expect dry cleaners are struggling to survive too.

[Klaralven]

4. I've been retired for over a decade and I'm still working through the closet

I've bought underwear, socks, jeans, sweatshirts, running shoes and a jacket, but that's about it.