Over more than six months of extreme disruption, the nation’s independent bookstores have steadily grown their businesses beyond their four walls. A PW survey of three dozen indies nationwide found most offering some combination of online sales, curbside pickup, home delivery, outdoor browsing, and in-store shopping. The diversity of sales channels reflects a substantial expansion of retail customer service as they navigate evolving market conditions caused by Covid-19 and climate change. More than 80% of bookstores surveyed are now open for some form of limited in-store browsing, with appointments or other measures to ensure that they abide by state capacity guidelines. Of the shops that are not open to in-store browsing, all have online ordering and most are offering curbside pickup and outdoor browsing. That level of customer service reflects an unparalleled modernization of independent bookselling, but the question on the minds of booksellers is whether their efforts will be enough to combat forces beyond their control.
“During the second quarter, we delivered solid results, despite the challenging environment,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Our teams have consistently responded to the dynamic landscape with disciplined, data-driven actions to ensure the health and stability of our business. We believe that we are well positioned to respond to changing consumer behaviors. Despite inflationary pressures, consumers continued to shop Macy’s as a style source and leading gifting destination. Additionally, Bloomingdale’s and Bluemercury captured demand for luxury brands, resulting in both nameplates outperforming in the quarter.”
“Over the past two years, our Polaris strategy has made us faster and more agile, which has been essential to navigate rapidly changing consumer trends and macro conditions. We expect to come out of this uncertain period in a strong position with a healthy balance sheet, new capabilities and a talented team ready to capture renewed demand,” Gennette continued.
*Comparable sales down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed basis; up 4.3% and 4.4%, respectively, versus the second quarter of 2019.
*Digital sales decreased 5% year-over-year while increasing 37% versus the second quarter of 2019.
*Macy’s comparable sales were down 2.9% on an owned basis and down 2.8%, on an owned-plus-licensed basis.
*Bloomingdale’s comparable sales on an owned basis were up 8.8% and on an owned-plus-licensed basis were up 5.8%.
*Bluemercury comparable sales were up 7.6% on an owned and owned-plus-licensed basis.
*Inventory turnover, on a trailing twelve-month basis, was relatively flat to 2021 and improved 15% over 2019.
*Gross margin for the quarter was 38.9%, down from 40.6% in the second quarter of 2021.
details at: https://www.macysinc.com/investors/news-events/press-releases/detail/1774/macys-inc-reports-second-quarter-2022-results-and