Retail

Macy’s CEO says its robust sales gains aren’t a ‘short-term pop’

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Jeff Gennette, CEO of Macy’s.

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Macy’s said Tuesday that the huge sales gains it posted in the first quarter aren’t a fluke.

“We don’t see this as a short-term pop,” Chief Executive Jeff Gennette said during an earnings conference call. “There are pent-up demand opportunities … that give us confidence for accelerated profitable growth in 2021 and beyond.”

Macy’s sales in the latest quarter grew to $4.7 billion from $3 billion a year earlier, helping it to turn a surprise profit and prompting it to raise its forecast for the year.

The company is lapping a period when its department stores were forced shut due to lockdowns that were put in place to help curb the spread of Covid-19….



Source cnbc.com

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