Macy's Inc. reported Q2 2024 revenue of $5.1 billion, down 3.8% from the prior year, with comparable sales declining 4.0% on an owned basis. Despite lower sales, net income reached $150 million compared to a $22 million loss last year, driven by improved gross margin rate of 40.5%, up 240 basis points year-over-year. Digital sales represented 29% of net sales.The company made progress on its Bold New Chapter strategy, with First 50 stores achieving second consecutive quarter of comparable sales growth. Macy's experienced strong performance in fragrances and improved results in women's ready-to-wear, while men's apparel, handbags and home categories showed weakness. The company opened five new small format stores, bringing the total to 18 locations.Looking ahead, Macy's plans to close approximately 55 underperforming stores in fiscal 2024, up from prior expectations of 50 closures. The company maintained strong liquidity with $646 million in cash and cash equivalents, while continuing to invest in digital capabilities and omni-channel operations. Credit card revenues increased $5 million year-over-year to $125 million.

Macy's Inc. reported Q2 2024 revenue of $5.1 billion, down 3.8% from the prior year, with comparable sales declining 4.0% on an owned basis. Despite lower sales, net income reached $150 million compared to a $22 million loss last year, driven by improved gross margin rate of 40.5%, up 240 basis points year-over-year. Digital sales represented 29% of net sales.The company made progress on its Bold New Chapter strategy, with First 50 stores achieving second consecutive quarter of comparable sales growth. Macy's experienced strong performance in fragrances and improved results in women's ready-to-wear, while men's apparel, handbags and home categories showed weakness. The company opened five new small format stores, bringing the total to 18 locations.Looking ahead, Macy's plans to close approximately 55 underperforming stores in fiscal 2024, up from prior expectations of 50 closures. The company maintained strong liquidity with $646 million in cash and cash equivalents, while continuing to invest in digital capabilities and omni-channel operations. Credit card revenues increased $5 million year-over-year to $125 million.