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Friday, December 3, 2021

Macy’s is raising its full-year forecast after strong third-quarter sales.

Macy’s, the beleaguered department store chain, reported third-quarter sales growth on Thursday and raised its full-year sales and profit forecast, signaling positive signals for retailers struggling during the pandemic.

The company said it had sales of $ 5.4 billion in the three months ended October 30 and net income of $ 239 million. Like-for-like sales are up 37 percent year-over-year and about 9 percent from 2019. Macy’s noted that the Friends & Family event fell in the third quarter of this year compared to the fourth quarter of 2019.

Total retail sales jumped 1.7 percent in October, the third monthly increase, the Commerce Department said on Tuesday, signaling the strength of the US economic recovery following pandemic-related restrictions. Walmart and Home Depot reported quarterly earnings this week that beat Wall Street’s expectations.

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Retailers like Macy’s, which also owns Bloomingdale’s and Bluemercury, are benefiting as customers resume social activities and prepare for a busier holiday season than last year, when the country was in the midst of a pandemic and before vaccines were widely available. …

The company said its downtown shops had yet to recover as tourism remained depressed and many office workers continued to work remotely.

The company, which is trying to accelerate its digital sales, separately said Thursday that it will introduce an online marketplace with third-party sellers next year.

World Nation News Deskhttps://www.worldnationnews.com
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