Macy’s Boosts Forecasts As Vaccines Encourage In-Store Shopping
May 18, 2021
U.S. department chain Macy’s Inc on Tuesday raised its annual sales and profit forecasts, as speedy vaccinations encourage Americans to return to its stores to upgrade their wardrobes after being stuck at home for more than a year. The New York-based retailer’s shares gained about 2% after a surprise first-quarter profit and comparable sales that beat Wall Street estimates. “As the weather warms up and vaccines are more readily available, customers are feeling increasingly confident to get dressed up and venture outside. They’re also starting to attend events again,” Chief Executive Officer Jeff Gennette told analysts. Read more at Reuters.
