Macy’s beats earnings estimates, as turnaround plan shows early progress
Publishing timestamp: 2024-05-21 10:13:27
Summary
Macy's reported better-than-expected earnings and sees early signs of progress in its turnaround strategy. The company plans to close some namesake locations and open new Bloomingdale's and Bluemercury stores. Despite a decline in net income and sales, Macy's raised its full-year earnings expectations and is focusing on investing in stores that are performing well. The company is also trying to attract more customers, including millennials and Gen Z shoppers, by launching new exclusive brands. Macy's is also dealing with a takeover bid by activist investors.
Sentiment: MIXED
Keywords: earnings, breaking news: business, macy's inc, business news, business, retail industry, breaking news: earnings,
Source: https://www.cnbc.com/2024/05/21/macys-m-q1-2024-earnings.html