Earnings

Macy’s (M) reports Q1 2022 earnings beat, raises forecast

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A person walks past a Macys store in Hyattsville, Maryland, on February 22, 2022.

Stefani Reynolds | AFP | Getty Images

Macy’s on Thursday reported fiscal first-quarter profits and sales ahead of analysts’ expectations, as shoppers returned to malls to shop for new outfits, luggage and luxury goods in spite of decades-high inflation that has threatened to curtail consumption.

The department store chain, which also owns Bloomingdale’s, reaffirmed its fiscal 2022 sales outlook and raised its profit guidance, expecting stronger credit card revenue for the remainder of the year.

It joins Nordstrom in bucking a broader trend in the retail industry of downbeat forecasts and warnings of a consumer…



Source cnbc.com

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