Tuesday, February 27, 2018

Macy's shares surge on comparable sales growth, 2018 outlook

Reuters

Macy’s Inc on Tuesday reported greater-than-expected growth in same-store sales for the fourth quarter and forecast a return to annual comparable sales growth in 2018.

The biggest U.S. department store chain, which has become emblematic of the decline of brick-and-mortar retail in the face of Amazon.com Inc, has not seen comparable sales grow on an annual basis for three years.

Benefiting from a broadly strong U.S. holiday shopping season, Macy’s also reported better-than-expected quarterly profit on revenue that was in-line with estimates.. . . more