Media pundits like to claim that the magazine industry is failing and that print is an antiquated medium. True or not, the “print is dead” drumbeat inevitably taints the perception media buyers have of print as a viable marketing mechanism. Linda Thomas Brooks, president and CEO of the Association of Magazine Media (MPA), argues that this tired rhetoric glosses over the reality, which is that print is one of the most effective ways to deeply engage consumers, build brand awareness, and sell products. During a presentation at DigiPub: Harnessing the Power of Data-Driven Print in November, Brooks shared third-party research on printed magazines, which reveal an alternative narrative. “We learned that magazine media works because it builds brand and sells product at the same time,” said Brooks. Marketers are beginning to reawaken to the value of print as well. The digital revolution made it easier than ever for brands to market directly to consumers, so in the past several years ad spend has gone toward direct marketing tactics, said Brooks. Click Read More below for additional information.
*Comparable sales down 3.1% on an owned basis and down 2.7% on an owned-plus-licensed basis
*Inventories up 4% versus 2021, reflecting ongoing planning and supply chain discipline
*Net sales of $5.2 billion, down 3.9% versus the third quarter of 2021; up 1.1% versus the third quarter of 2019.
*Digital sales decreased 9% versus the third quarter of 2021; up 35% versus the third quarter of 2019.
*Brick-and-mortar sales decreased 1% versus the third quarter of 2021; down 9% versus the third quarter of 2019.
Macy’s, Inc. (NYSE: M) today reported financial results for the third quarter of 2022 and updated its annual guidance.
“Our Polaris strategy is working. In the third quarter, we achieved solid top line results and a strong beat to our bottom line guidance. Macy’s brand position as a style and fashion source resonated with our customers, while luxury continued to outperform at Bloomingdale’s and Bluemercury,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Retail is detail, and our talented and agile team are executing well to compete. We know the consumer is under increasing pressure and has choices on where to spend. As a leading gifting destination with fresh inventory across the value spectrum, we are ready to meet our customers’ needs this holiday season.”
“We are operating from a position of strong financial health – with appropriate levels of inventory, a strong balance sheet with ample liquidity, investment grade credit metrics and fixed interest rate debt in a rising interest rate environment. We have the tools, data-driven processes and talented teams to manage through this uncertain time and are committed to long-term, profitable growth,” added Adrian Mitchell, chief financial officer of Macy’s, Inc.
details at: https://www.macysinc.com/investors/news-events/press-releases/detail/1798/macys-inc-reports-third-quarter-2022-results