Macy's CFO says international tourist sales weaker than expected in Q2
Macy's CFO Karen Hoguet said on the company's Q2 earnings call that the retailer experienced sequential improvement as the quarter progressed. Hoguet said international tourist sales declined approximately 9% in Q2, much worse than in Q1, and negatively impacted comparable sales on an owned plus licensed basis by approximately 40bps. The executive said Macy's is capturing sales from closed stores consistent with expectations and added that 12% of sales at closed stores were recovered by other nearby stores. Hoguet said Backstage is adding about 6% in incremental sales to the 38 stores in which it is operated. She said Macy's plans to decide by year end how to best expand Backstage within its stores and noted that Macy's shoe pilot rollout is "now complete." Sales in fine jewelry up double digits in Q2, Hoguet noted. Comments taken from the Q2 earnings conference call. Macy's is down 4.7% to $21.97 in morning trading.