Macy’s Posts Surprise 1Q Profit

Department store Macy’s (New York) reported unexpected first-quarter profits, raising its full-year forecast thanks to momentum building among consumers, according to CNBC. Luggage has been among the categories enjoying the most growth.

“Clearly our customer is ready to get on with life,” CEO Jeff Gennette said.

Macy’s earned $4.371 billion in the first quarter of 2021, beating estimates of $4.37 billion. The retailer posted a profit of $103 million, compared with $3.6 billion in losses reported in the same quarter last year. Comparable sales grew an impressive 62.5 percent, handily topping estimates of 44.9 percent estimated growth.