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Macy’s Boosts Forecast as Return of Travel Fuels Shopping
- Luggage, dresses were strong categories, CEO Gennette says
- Comparable-store sales top analyst estimates in first quarter
A flower show inside the Macy's flagship department store in New York.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
Macy’s Inc. posted first-quarter sales that outpaced Wall Street’s expectations and raised its earnings forecast for the year as the reopening economy helped drive shoppers back to the mall.
Comparable-store sales, a key retail metric, soared 62.5% for company-owned stores from a year ago, Macy’s said Tuesday in a statement. That’s above the 45% gain expected by analysts, according to data compiled by Bloomberg. Still, the quarterly sales figure remained down from the same period in 2019.