Macy’s Jumps After Raising Outlook, Beating on Sales Again
- ‘Winning formula’ is brick and mortar plus digital, CEO says
- Retailer cites big boost in international tourism spending
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Macy’s Inc. posted a second straight quarter of sales gains and raised its full-year earnings outlook, a sign the department store is succeeding in luring back shoppers with its off-price offerings.
Total comparable sales, a key measure for the retail industry that’s used to gauge momentum, rose 4.2 percent in the fiscal first quarter, sharply outpacing analysts’ estimates. That sent the shares up the most in almost three months on Wednesday.