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Two weeks after 32 million viewers tuned into its 98th annual Thanksgiving Day Parade, Macy’s, Inc. reported a 2.4% decline in net sales to $4.7 billion for the third quarter of 2024. The overall decline came despite a 3.2% increase in net sales from luxury beauty store Bluemercury, which Macy’s acquired in 2015.
During the earnings call on Wednesday, Macy’s unveiled a plan to streamline operations. With continued growth at both Bluemercury and Bloomingdales, the latter of which saw a 1.4% increase in net sales for the third quarter, Macy’s will close roughly 150 underperforming stores between 2024 and 2026 and put its focus on luxury going forward. Bluemercury will open nine stores during the fourth quarter, in addition to the nine new stores already added this year.
“The second pillar of our bold new chapter strategy is accelerating luxury growth,” said Macy’s chairman and CEO Tony Spring. “Both Bloomingdale’s and Bluemercury posted positive third quarter comps. Customers continue to respond well to their breadth of product price points, market and private brands, and we remain confident in our ability to grow sales at each of these nameplates.”
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