Macy's reports fall in sales, forms e-commerce JV in China

[August 12, 2015]  (Reuters) - Macy's Inc reported a 2.6 percent fall in quarterly sales, the fourth drop in six quarters, as spending by foreign tourists declined "significantly" due to a strong dollar.

The company, which operates Macy's stores and the Bloomingdale's chain, also struggled to sell merchandise received late due to a strike at West Coast ports.

Macy's net income fell to $217 million, or 64 cents per share, in the second quarter ended Aug. 1 from $292 million, or 80 cents per share, a year earlier.

Net sales fell to $6.10 billion from $6.27 billion.

The company also said it formed a joint venture with Hong Kong-based Fung Retailing Ltd to explore online retailing in China.

(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Kirti Pandey)
 

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