New York – The home segment continues to contribute less and less to Macy’s Inc.‘s overall annual sales tally and last year fell to 15.2% of total merchandise revenue.
Total sales in the Home/Other category rang in at $3.38 billion for the fiscal year ended Feb. 1, down 10.9% from sales in the previous fiscal year. “Other” in the category primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards.
While Macy’s Inc.’s other key product segments saw full-year sale declines in 2024, the drop-off was less severe than in home:
- Women’s Accessories, Shoes, Cosmetics and Fragrances: -2.0%
- Women’s Apparel: -0.7%
- Men’s and Kids’: -3.4%
The Home/Other category segment has logged year-over-year declines in each of the past five years except in 2021, when the Covid-fueled spending spree on home boosted sales up 24.2% to a peak of $4.56 billion. Over the same period, the company has shuttered 122 Macy’s stores and opened four Bloomingdale’s locations.
Macy’s Inc.’s total retail sales for the year dipped 3.5% to $22.3 billion. Net sales at the Macy’s chain were down 5.3% while net sales at Bloomingdale’s rose 2.3% during the quarter.