Macy’s sees strong holiday sales, upbeat signs from revamped stores amid Q4 outlook
ABC News
Macy’s profit rose more than Wall Street expected in the fourth-quarter, and the retailer delivered another increase in comparable sales Wednesday
NEW YORK -- Macy’s reported stronger-than-expected profits in the crucial fourth-quarter and comparable sales rose again. The department store said an overhaul of its merchandise and improved customer service led to more spending by shoppers.
The company, which also operates upscale Bloomingdale's and the beauty chain Bluemercury, offered a mixed outlook for the year — projecting sales above Wall Street expectations, but a conservative outlook on profits.
CEO Tony Spring, entering his second year leading Macy's and attempting to recharge the storied retailer, said Wednesday that Bloomingdale’s booked its highest holiday sales performance on record. Some of that outsized performance has been attributed by industry analysts to the Chapter 11 bankruptcy of the company that runs Saks Fifth Avenue and Neiman Marcus.
Yet Macy's is contending with the same hurdles that have pummeled its rivals and the retailer sector as a whole.
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