A few details of note came through on the Macy’s second quarter earnings conference call yesterday, including:
– While same-store sales fell 2.1 percent during the quarter and total sales fell 3 percent, Macy’s executives are happy they are outperforming other department store competitors.
– The strongest regions were the Northeast and Texas while the West and upper Midwest were weak.
– The best categories were jewelry, cosmetics, shoes, men’s furnishings, men’s collections, housewares and mattresses.
– Weak categories included ready to wear, intimate apparel, men’s classification sportswear, children’s, textiles and tabletops.
– Macy’s expects the third quarter to be weaker than the fourth quarter.
– Bloomingdale’s is still one of the company’s best performers.
– Macy’s is ordering conservatively for spring.
– There are no major plans to close a significant number of stores.
– While ready-to-wear has not been performing well, there are a few bright spots: denim, skinny jeans, vests, knit tops and the tunic silhouette. Dresses have also improved.
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