Posted on 05/13/2016 4:25:09 PM PDT by Lorianne
Macy's dismal first-quarter results are bringing back unwelcome memories of the financial crisis, as the retailer on Wednesday reported two metrics that harken back to that period of economic malaise.
During the first quarter, the department store chain said its comparable sales fell 5.6 percent. That marks a deceleration from its fourth-quarter same-store sales decline of 4.3 percent, and represents its most severe decrease in this metric since the second quarter of 2009. During that quarter, Macy's comparable sales slid 9.5 percent.
Meanwhile, the retailer reported a 36 percent year-over-year drop in operating income. That not only marks its seventh straight quarter of year-over-year declines for this measure, but it is far steeper than any quarter during the Great Recession, said Ken Perkins, president of Retail Metrics. In second quarter of 2009, by comparison, the retailer's operating income fell closer to 10 percent.
(Excerpt) Read more at cnbc.com ...
Maybe Macys should consider carrying Trump products.
lol #### em
It’s over for Macy’s. My goodness, as much as I love the flagship store on 7th Avenue, it’s been a disaster for years. Especially since they got rid of the food stalls that made it so unique. They fought for top dog with Zabar’s for years before just giving up.
The suburban stores are blah and wildly expensive - not that that is necessarily their fault. I also don’t care for their recruitment of dozens of women in headscarves - what’s that about? Nice enough ladies but I don’t like to be served by muslims after 9/11. And I think they were recruited directly in consequence of 9/11.
ROFL...this is what happens when you get the American Voters upset....they don’t buy your junk!!!
Target is next to fall
It would be nice if ESPN, the NFL and HBO were next also, but unfortunately too many Conservatives still support them.
I venture ‘into town’ twice a year with my Besties for City Shopping.
Macy’s is ALWAYS a deserted wasteland. Everything LOOKS perfect, very Stepford-like, but nothing ever appeals to me.
Times must be tough as Nordstrom’s added a BAR at their Milwaukeestan location. Wonder how THAT’S working out? Do the local Secretaries go there for Happy Hour after work, have a few Martinis then hit the Lancome counter? *SNORT*
I’ve been in Retail for a very long time. I cannot believe the stupid moves the really BIG stores have made through the years.
I went to Macy’s out here in NJ. It looked like a junk shop. I bought nothing and I have no intention of returning.
I have NEVER liked Macy’s-—haven’t been to one in 20 years.
.
Here in NJ we have a brand-new mall that was completed years ago next to Giants Stadium in the Meadowlands (complete with an indoor ski slope); it has never opened. There was talk of reviving it as some kind of entertainment theme park thing, but those died a couple of weeks ago.
In the meantime, the Meadowlands Flea Market is held in the neighboring parking lot every Saturday (year-round), and the replacement Americans spend bundles of untaxed cash buying the trappings of middle-class America from destitute, unemployed people. It is scary that the normal tools and fishing gear/sporting goods for sale are increasingly replaced by groceries (yuck) and all of the furnishings of people who apparently are losing their homes...
Welcome to 0bamAmerika; enjoy your brief stay in the Middle Class!
Don’t they still do the parade every year?
The problem here now is that the middle class is fleeing (often following their jobs, or retiring to places where you don’t have to pay $750/month just in property taxes alone), and the state governments are trafficking more Third Worlders in to prevent ghost towns from springing up all over. The remaining Americans are taxed to death providing everything for them and their anchor babies...
I’m VERY Middle-Class. Have been all of my life.
I’ve been reading the tea leaves and have sold most assets, retired early and moved to the middle of nowhere...to grow tomatoes and work on my Manifesto. ;)
Things are bad all over, folks.
You know that when all the Hallmark stores in your area are going out of business.
Target will fall over the transgender bathroom issue alone.
I will not shop in any store where I do not feel safe in the Ladies’ Room.
That is so sad. I remember in the fifties, NJ was the Promised Land for so many families escaping NYC.
Not anymore.
I used to go out of my way to get a nice birthday card from Hallmark. That fell to the wayside in 2008. Looking back, I wonder how an expensive greeting card store selling nothing else other than even more expensive collectibles and assorted doo-dads ever was all that successful. But, they were, for decades. Times have changed so much, and not for the better.
I cut the cable 3 years ago
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