Macy's Shares Surge As Strong Earnings Fuel Hopes Turnaround Is Gaining Traction
Style Magazine Newswire | 3/8/2018, 12:11 p.m.
Macy's turnaround plans are taking hold, marking a positive sign for the overall retail industry, and the company expects the momentum to continue into 2018. In an interview Tuesday with CNBC, CEO Jeff Gennette said same-store sales were up 3 percent in January, as the company had fresher merchandise in stores and less carryover from the holidays. The department store chain on Tuesday reported earnings and same-store sales for the fiscal fourth quarter that topped analysts' expectations, as investments in a more personalized loyalty program, fewer flash sales and a trimming of real estate are starting to pay off. Macy's also said it will be accelerating initiatives related to its stores, technology and merchandising to return the business to same-store sales growth for the current year. Same-store sales for fiscal 2017 were down 2.2 percent. Macy's stock rose more than 12 percent Tuesday morning on the news.