The ongoing COVID-19 vaccination effort, as well as the most recent U.S. stimulus payments are proving beneficial to Macy's.

Sales are up compared to the last fiscal quarter, Macy's CEO Jeff Gennette told CNBC.

"That's clearly the vaccine starting to take root," he told CNBC's Jim Cramer in a "Mad Money" interview. "We're still taking a conservative view to this year. We're more conservative in the front half than the back half, but it's positive momentum that we're bringing into this quarter with us."

The growth is being driven by online young consumers which Macy's said spent 8% more on store products compared to a year ago. Another big factor is the retailer's deeper focus on improving its e-commerce channel. Macy's aims to grow its online business to $10 billion by 2021, Gennette told the news outlet.

"What people may not know is that we're No. 2 in our categories in the nation and we were able to hold our market share in 2020," he said. "Digital is enabled by having strong brick-and-mortar."

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