Macy’s Rallies After Forecasting a Surge in Year-End Sales
- Chains benefit from elevated consumer demand as pandemic wanes
- Macy’s pushes digital strategic moves investors have wanted
A Macy's store downtown Chicago, Illinois.
Photographer: Scott Olson/Getty Images
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Americans appear poised to open their wallets this crucial holiday season, which is an encouraging sign for department-store chains that need a win after almost two years of navigating the coronavirus pandemic.
Macy’s Inc. on Thursday posted stronger-than-expected results for the third quarter and raised its full-year earnings guidance, showing that consumer demand remains robust going into the holidays. Kohl’s Corp. also posted sales that beat Wall Street’s expectations, and it increased its full-year outlook as well. This follows last week’s cheery report from department-store chain Dillard’s Inc.