Newscasts - Macy's strikes cautious tone on holiday sales, posts surprise profit

Macy's

03/12/2025 19:26

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Source: 'Reuters - Business videos'

Description: Macy's on Wednesday warned of picky consumers during the crucial holiday season as inflation pressures spending on non-essential goods even as the department store operator posted a surprise quarterly profit and raised annual targets.

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Video Transcript:

Macy's is sounding cautious about this holiday season even after it surprised Wall Street with a third-quarter profit. The department store chain warned Wednesday that shoppers are becoming more selective as inflation pressures spending on non-essential items. CEO Tony Spring said consumers are "discerning about how and where they spend their dollars." He noted that while Macy's is pleased with the start of the holiday quarter, the retailer is being prudent with its expectations. The comments mark the first from a retailer after the critical discount-heavy Black Friday and Cyber Monday shopping period, which was driven by strong online sales, particularly from wealthy shoppers. Looking ahead, Macy's raised its full-year sales and profit outlook, helped by demand at its upscale Bloomingdale's label and the high-end beauty chain Bluemercury. The company continues to invest in store refreshes and smaller formats as part of its turnaround plan.