Retail

Macy’s (M) Q1 2021 earnings beat projections

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People walk past a Macy’s store in a Manhattan shopping district on August 12, 2020 in New York City.

Spencer Platt | Getty Images

Macy’s on Tuesday reported a surprise first-quarter profit, as stimulus checks and the Covid vaccine rollout gave consumers more money and greater confidence to head back to the mall and refresh their wardrobes.

The department store chain raised its full-year forecast, saying it’s seeing momentum as consumers head to its shops and go online to buy new outfits for weddings, travel and other special occasions.

During the latest period, luggage was one of the most improved categories year over year, CEO Jeff Gennette said. “Clearly our customer is ready to get on…



Source cnbc.com

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