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Macy's Gains as Department-Store Chain Stokes Holiday Cheer
- CEO sees e-commerce and loyalty program helping fuel demand
- The shares increase as retailer keeps its 2017 outlook firm
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Macy’s Inc. remains optimistic about the holiday season -- and investors seem to be giving management the benefit of the doubt, at least for today.
Shares of the company rose the most in more than a year after it reaffirmed its full-year guidance and kept margins steady in the latest quarter, even after the key metric of same-store sales fell more than Wall Street expected. Chief Executive Officer Jeff Gennette sees e-commerce and the Macy’s loyalty program fueling sales in the crucial year-end season.