For the past three years Macy’s has posted $1 billion in revenue growth while its competitors continue to slip drastically.
How has Macy’s been able to rise above? Through E-commerce. Online sales have increased 40% each year since 2010 and now account for nearly $3.1 billion annually (approximately 11% of total revenue). Last year, CEO Terry Lundgren led the company to earnings of $28 billion, its highest to date.
Over the past six years, Lundgren navigated perilous waters as the company was near bankruptcy. In 2008, sales plummeted while the company’s stock price dipped to historic lows and critics warned that the company was on the brink of default.
“We’ve been under attack from a number of types of consumer options for a long, long time. Today, Macy’s is a very lively, growing business,” Lundgren told Quartz.
“Rumors of our death are greatly exaggerated,” he said, referring to the…
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