Macy's: Holiday performance surprises investors

(CercleFinance.com) - On Wednesday Macy's said that comparable sales at stores open for more than a year slipped 0.
7% in November and December, reflecting an improvement from the third quarter.

The group - which reported comparable sales in its stores that are down 3.9% in the third quarter - previously indicated that it expected a "strong" end-of-year period.

The department store company - which operates approximately 680 department stores under the nameplates Macy' and Bloomingdale's - said its digital business "performed well" over the Holiday season.

In addition, customers responded positively to the retailer's gifting assortment and marketing strategy, particularly in the 10 days before Christmas, Macy's said.

Macy's plans to host an investor day on 5 February to share details of its growth plans and three-year strategy.

Macy's shares were up 6% in pre-market trading on Wednesday as investors cheered this trading update.

Copyright (c) 2020 CercleFinance.com. All rights reserved.