Macy's raises annual outlook after the fourth straight quarter of sales gains
Summary
Macy’s reported its fourth straight quarter of higher sales and increased its profit forecast for the year. The company credits changes to its products and better customer service, with strong sales especially at its Bloomingdale’s stores.Key Facts
- Macy’s sales rose 3% in the first quarter, the best start in four years.
- Bloomingdale’s sales grew 10.2%, reaching a record first-quarter volume.
- Macy’s net income was $63 million, higher than last year’s $38 million.
- The company improved its annual sales forecast to $21.5-$21.75 billion from $21.4-$21.65 billion.
- Macy’s now expects earnings per share between $2.00 and $2.20 for the year.
- Improvements include store updates, closing unprofitable locations, and boosting customer service.
- Some Bloomingdale’s success may be linked to competitors’ troubles, like Saks Global’s bankruptcy.
- Macy’s and other retailers face challenges from high gas prices and economic uncertainty partly caused by President Trump’s tariffs and the Iran conflict.
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