Macy's – On a Quest to Regain Momentum

On August 15, 2016, US-based department store retailer Macy’s announced the closure of about 100 of its full-line stores (equal to 14% of its stores). The announcement came after the company declared quarterly sales of US$ 5.86 billion for the second quarter ending July 2016, a drop of 4% compared to the prior-year period. The profits declined from US$ 217 million to US$ 9 million and same store sales fell by 2% from the earlier year quarter. The profit, according to analysts, was not enough to sustain a business of that scale. Earlier, in May 2016, Macy’s reported its steepest quarterly sales decline since the Great Recession.