Macy’s Rises as Improved Inventory Drives Profit Beat
- Better-than-forecast profit overshadows comparable-sales drop
- Beauty category was bright spot across all three nameplates
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Macy’s Inc. reported third-quarter profit that beat expectations thanks to better inventory management, though same-store sales fell for a third straight quarter.
The results underscore an emerging trend for retailers this quarter, which have reported improvements to profitability but have struggled to maintain the sales growth that powered them through the pandemic period. On Wednesday, Target Corp. also showed improved operational competence, with fewer markdowns and better inventory management driving profits despite a drop in comparable sales.