Jewelry Among Winners as Macy Reports Q2 Figures
August 22, 21
(IDEX Online) - Iconic American retailer Macy's saw a huge rise in its share price after releasing solid second-quarter fiscal 2021 results which beat analysts' expectations, with jewelry sales featuring strongly.
"The quarterly performance gained from strong sales across merchandise categories, as consumers continued to emerge from pandemic-led impacts," the firm said in a statement, reporting an almost 60% increase in group revenue to $5.65 billion.
"As pandemic-led restrictions were lifted, the company witnessed strength across its merchandise categories. Occasion-based apparel items including denim, dresses and luggage saw strong revival. Other categories such as fragrance, jewelry and textiles, which were sturdy during the pandemic, continued to perform well."
Comparable sales surged by more than 60% on the year, and almost 6% compared with the same period of 2019.
In an encouraging sign for the retailer, it reported that it acquired 5 million new customers, up 30% from second-quarter fiscal 2019, with 41% coming from its digital channel.