Digital sales increased 53% year-over-year, which helped offset the loss of sales at stores due to coronavirus closures.
The company said its reopened stores are outperforming.
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Price’s departure comes amid a massive retail shutdown that forced the company to close stores, furlough employees, and temporarily cut executive pay.
Innovative store concepts are buying some time, but brands like Macy’s and J.C. Penney need a lot more to reverse the falloff in sales.
The closings are part of the retailer’s turnaround strategy that aims to find $1.5 billion in annual cost savings by the end of 2022.
“The mall is getting more toxic," one analyst warns. "Mall traffic will likely continue to wane over the years ahead.”
The success or failure of these 20 CFOs will decide their companies’ futures in a time of economic uncertainty and technological disruption.
The company plans to expand its platform to offer resale services to retailers, and recently announced partnerships with Macy’s and J.C. Penney.
Same-store sales improved in the second quarter but profit was hit by heavy markdowns to clear unsold merchandise.
The layoffs of about 100 senior-level staff will allow the retailer to move faster, reduce costs, and be more responsive to changing customer expectations.
"The rising tide of the economy is not floating all retail boats,” an analyst says of the department store chains' disappointing sales growth.
