The famous company has outperformed expectations across all three of its brands – Macy’s, Bloomingdale’s and Bluemercury.
The department store retailer said its results were driven by the positive effects of government stimulus checks and the expanding vaccine rollout, along with its digital investments. Macy’s noted it is seeing improvements in special occasion categories as customers start to travel “and return to a pre-pandemic lifestyle.” On the company’s earnings call, executives said that men’s tailored clothing is also seeing increases.
The company reported a profit of $103M, or $0.32 per share in the quarter ended 1 May, compared with a loss of $3.6bn, or $11.53 per share, in the year-ago period. Excluding one-time charges, Macy’s earned $0.39 per share, beating analysts’ estimates for a loss of $0.41.
“As consumers seek to re-engage with each other, we are seeing promising signs that our core customers are shopping again, and we continue to attract new customers, who increasingly begin their shopping experience with us online,” said Jeff Gennette, Chairman and CEO. “Customers are shopping categories that have been strong throughout the pandemic, including home, fine jewellery and watches, fragrance and luxury items.”
“Our achievements in the first quarter, combined with the faster than anticipated economic recovery, give us the confidence to update our full-year 2021 guidance,” said Adrian Mitchell, CFO. “The momentum and strength of our digital business is reshaping how we engage with customers as an omni-channel retailer.”
