Macy’s shares surge more than 13% as net sales rise to $5.54bn for the quarter
Bengaluru — US retailer Macy’s said on Wednesday that stellar performance at its businesses helped push quarterly same-store sales and profit above Wall Street estimates, signaling that the firm was keeping up in a fiercely competitive retail landscape. Macy’s shares surged more than 13% in pre-market trading after the company also raised its full-year profit forecast and issued a comparable sales growth guidance that topped estimates. Shares of rival department stores JC Penney, Kohl’s, Nordstrom and Target also rose following the results. Like its peers, Macy’s has faltered in the past few years as it struggled to adjust to a market where shoppers increasingly buy goods online. The company has closed more than 100 stores since 2015 and cut thousands of jobs as mall traffic plummeted and customers defected to off-price and fast-fashion sellers. "Tax cuts, bonuses and good tax refunds have all been a windfall to consumers, who have responded by increasing spending," said Neil Saunde...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.