Macy’s emerged from an unprecedented year with a surprising swing back into the profit column and it boosted its guidance for all of 2021.
Sales were fueled by government stimulus checks and the massive rollout of vaccines that have emboldened Americans to head outdoors again, the company said.
“Clearly our customer is ready to get on with life,"
Sales of merchandise that was strong during the pandemic, such as home goods, continue to move well, and customers are spending more in other categories as well, Gennette said. He noted that customers are feeling increasingly confident to get dressed up to venture outside. So, sales of special occasion items like prom dresses are doing well. Luggage sales are also starting to show solid improvement. At
Net income hit
On a per-share basis, the
Revenue of
Macy’s expects full-year revenue in the range of
During the pandemic, the company pared back inventory and closed some stores. It also launched curbside pickup last year and is expanding its off-price concept BackStage.
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