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This chart shows Macy’s Revenue by Segment, across Net Sales and Credit Card Revenue, reported on a quarterly basis from Q1 2016 onwards.
Macy’s Revenue Breakdown by Segment
The following table highlights Macy’s Revenue Breakdown by Segment for Q2 2020, Q1 2021, and Q2 2021
|Revenue by Segment||Q2 2020||Q1 2021||Q2 2021||Contribution in Q2 2021|
|Credit Card Revenue||$168||$159||$197||3.37%|
(All figures in millions, except percentages)
Retail sales consist of licensed department income, merchandise sales with income from delivery charges, sales of private brand goods directly to third party retailers, sale of excess inventory to third parties. Revenues are recognized in the company when, the product is delivered to the respective customers, keeping in view the net returns and other customer incentives. Service revenues, mainly cosmetic service and alteration, are recognized when the respective customer avails the benefits of that specific service. Total net sales also include commissions earned on sales which are generated by licensed departments of the company and are recognized as income at the time of sales.
Net sales comprise 96.63% part of the total revenue earned by the company. Net sales increased from $3,727 million in Q2 2020 to $5,647 million in Q2 2021, marking an upsurge of 58.66% on a year-on-year basis. The sales grew by 19.99% from $4,706 million in Q1 2021 to $5,647 million in Q2 2021. Digital sales of the company grew by 13% in 2021 as compared to 2020, amounting to approximately 34% of net sales.
Credit Card Revenue
Macy’s Inc signed up for a “Credit Card Programme Agreement”, which is a long-term marketing and service alliance, with Citi Bank. With subject to an additional renewal term of three years, the agreement stands expired as of March 31, 2025. The main purpose of the agreement was to sell the company’s private label and Co-branded credit cards. It terms further included, ownership by Citibank of the accounts purchased by the bank itself, ownership of new accounts opened by Macy’s customers, credit facilities by the bank to the previous accounts, servicing of existing accounts, economic burdens, and benefits associated with the existing accounts allocated among both Citibank and the company. Credit card Revenues comprised of late fees, finance charges, other revenues generated by the credit card programme, subtracting after with net fraud loss and other expenses associated while opening new accounts.
Credit Card revenue comprises 3.37% part of total revenue. It grew from $168 million in Q2 2020 to $197 million in Q2 2021, marking an upsurge of about 17.26%, on a year-on-year basis. Credit card Sales increased by 23.9%, amounting from $159 million in Q1 2021 to $197 million in Q2 2021.
About the Company
Macy’s Inc. is a retail omnichannel organization offering a wide range of cosmetics, home furnishings, apparel, and accessories for men, women, kids, and other consumer goods. It is headquartered in Macy’s New York, U.S. It operates through its widely renowned retail brands; namely, Bloomingdale’s, Macy’s, and Bluemercury. According to 2021 trends, the company owns around 732 stores worldwide and is having over 90,000 employees. The retail business of Macy’s Inc is seasonal in nature, where most of its revenue comes from the holiday shopping months, mainly November and December. Apart from business activities, the company plays an exceptional role in American culture and heritage through, Macy’s 4th of July Fireworks, Macy’s Thanksgiving Day Parade, Fashion shows, Flower shows, and much more. The company also allocated $1 million in 2020, to address the issues like systematic racism, social justice, and societal well-being, among its employees and customers. The company has registered itself under the ticker name “M” in New York Stock Exchange (NYSE).
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