Macy’s on Thursday topped Wall Street’s quarterly expectations, as inventory and margin improvement helped offset a 7% year-over-year decline in sales.
The department store chain’s shares jumped nearly 6%.
In an interview with CNBC, CEO Jeff Gennette said the company has seen steady business across key categories for the holiday season, especially beauty.
He said Macy’s sees factors that could work in its favor during the holidays: Its inventory levels are roughly flat to a year ago, giving the company flexibility to buy more or less of merchandise depending on what shoppers want. Customers have an extra weekend to shop this year before Christmas. And after warmer weather in parts of the country, Macy’s has started to see shoppers respond to cooler temperatures by buying winter gear.
Here’s what the retailer reported for the fiscal third quarter compared with what analysts expected, according to consensus estimates from LSEG, formerly known as Refinitiv:
Earnings per share: 21 cents…
2023-11-17 08:37:22
Post from www.cnbc.com