New York
Department store icon Macy’s is making a comeback
– Macy’s has been in the black again since 2021. Photo: Stephen Zenner / Zuma Press / dpa © dpa-infocom GmbH
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Things are looking up again with Macy’s. The share of the traditional department store shoots up. The expansion of online business also played a major role in this.
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After heavy losses at the beginning of the corona pandemic, business at the traditional US department store chain Macy’s is back to normal.
In the third quarter, like-for-like sales increased by 36 percent year-on-year, according to Macy’s in New York. The bottom line for the company was $ 239 million, compared with a loss of $ 91 million a year ago. Macy’s expects strong Christmas sales and has raised its annual targets significantly. The share reacted before the trading day with a price jump of around 15 percent.
Founded in 1858, the US retail star with the famous flagship branch in Herald Square in Manhattan made a name for itself for years with its austerity programs and downsizing. The corona crisis initially put the group, which also includes the Bloomingdale’s chain, under even greater pressure. But Macy’s has been back in the black since 2021.
The company is benefiting from the expansion of its online business, which posted a sales increase of 19 percent in the most recent quarter, and from the return of customers to the branches. The stock has risen 174 percent since the beginning of the year.
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