Macy’s raises annual forecast before holiday season
Bengaluru — Macy’s raised its annual earnings forecast on Wednesday, signalling a strong holiday shopping season ahead, as the department store chain builds on a recovery strategy that focuses on its well-performing stores and expanding online. Macy’s, which has closed more than 100 stores and cut thousands of jobs since 2015, also reported much better than expected profit for the third quarter ended November 3 thanks to double-digit growth at its online shopping service. Like other major US retail names, Macy’s has had to face plummeting mall traffic and a defection of customers to a new range of online and fast-fashion stores. In response, the 160-year-old company has invested heavily in its off-price Backstage stores, loyalty programme, mobile app and website, while also improving brick-and-mortar stores by equipping them with mobile checkouts and new shop layouts. Even with all of the upbeat numbers in Wednesday’s release, shares in the company rose 1% at opening. They are up ar...
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