NEW YORK (AP) — Macy’s sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending.
Yet the quarterly results Tuesday beat Wall Street expectations. And Macy’s, which also operates upscale Bloomingdale’s and beauty chain Bluemercury, said it is seeing a positive impact from its turnaround efforts that include closing underperforming stores and upgrading others. Macy’s also raised its annual outlook.
Americans are still spending but they’re getting more selective and are also more likely to wait until something goes on sale. Retailers are also seeing higher delinquency rates in their credit card businesses.
CEO Tony Spring, who took over in February, said that all income groups are being more thoughtful with their spending. Bloomingdale’s, for example, registered weaker sales in luxury handbags and shoes as consumers shift to less expensive collections.
Related articles:
Related suggestion:
Brazil's soccer federation suspends matches because of floodingRail strikes chaos brings Britain's creaking train lines to a haltLiverpool get back on track with 4Judge in Trump's classified documents case cancels May trial dateNorris beats Verstappen for maiden F1 victoryScientists discover remains of a 'buried planet' deep inside EARTHWhy the verdict in New Hampshire's trial over youth center abuse is being disputedBig Ten women's basketball schedule brings USC, UCLA to conference's easternmost schools'China is behind this': MPs lash out at Beijing over cyberShanghai rout Zhejiang as unbeaten run reaches 10
1.9175s , 6501.171875 kb
Copyright © 2024 Powered by Macy's tops expectations for the first quarter as luxury and beauty sales shine ,International Intrigue news portal