Macy's Raises Annual Outlook After the Fourth Straight Quarter of Sales Gains
Comparable sales rose 3% as Bloomingdale’s and Bluemercury led gains, and management raised full-year sales and earnings targets after topping Wall Street estimates.
- On Wednesday, Macy's reported its fourth consecutive quarter of comparable sales gains, raising its full-year net sales outlook to between $21.5 billion and $21.75 billion.
- CEO Tony Spring's turnaround strategy—closing unprofitable stores and modernizing others—combined with improved customer service, is resonating with shoppers during the fiscal first quarter ended May 2.
- Bloomingdale's delivered a 10.2% sales increase, its highest first-quarter record, while Bluemercury posted a 6.4% gain, contributing to net income of $63 million for the quarter.
- Shares rose 0.60% to close at $21.67 on Tuesday, while Berkshire Hathaway disclosed a new 1% ownership stake worth approximately $55 million in the New York City-based retailer.
- Despite these gains, consumers contend with financial strain from higher gasoline prices, which cost 40% more than before the war, pressuring household budgets across the retail sector.
24 Articles
24 Articles
Macy's raises annual outlook after fourth straight quarter of sales gains
Macy’s reported its fourth consecutive quarter of comparable sales gains as the department store said an overhaul of its merchandise and better customer service is resonating with customers.
Macy's raises annual outlook after the fourth straight quarter of sales gains
Macy’s reported its fourth consecutive quarter of comparable sales gains as the department store said an overhaul of its merchandise and better customer service is resonating with customers.
Macy's posts strongest Q1 growth in four years, raises guidance despite consumer worries
Macy's has been in the midst of a turnaround under CEO Tony Spring, who has worked to close underperforming stores and reinvest in ones worth keeping open.
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