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Macy’s shares rise amid strong selling

Summary

Former Macy’s Chairman discusses Target and Lowe’s strong Q2 earnings Description video: Target reported strong second quarter earnings, setting a record for same-store sales. Lowe’s reported a 34.2 percent increase in same-store sales. Former Macy’s CEO Terry Lundgren joins \”Closing […]

Former Macy’s Chairman discusses Target and Lowe’s strong Q2 earnings

Description video:
Target reported strong second quarter earnings, setting a record for same-store sales. Lowe’s reported a 34.2 percent increase in same-store sales. Former Macy’s CEO Terry Lundgren joins \”Closing Bell\” to discuss the success of retail amid the pandemic. Subscribe to CNBC PRO for access to investor and analyst insights on retail and more: https://cnb.cx/2BT2E7y\n\n» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision\n» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC\n» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic\n \nTurn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.\n \nConnect with CNBC News Online\nGet the latest news: http://www.cnbc.com/\nFollow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC\nFollow CNBC News on Facebook: https://cnb.cx/LikeCNBC\nFollow CNBC News on Twitter: https://cnb.cx/FollowCNBC\nFollow CNBC News on Instagram: https://cnb.cx/InstagramCNBC\n \nFor info on the best credit cards go to CNBC Select: \nhttps://www.cnbc.com/select/best-credit-cards/ \n\n#CNBC\n#CNBCTV

Macy’s shares rise amid strong selling

Macy’s holiday sales fell, the company said on Wednesday, but not as much as analysts expected, sharply boosting the department store chain’s share price..

Wednesday Macy&# 39; s Inc reported only 0.6% drop in sales “in the same store” on holidays, which is much higher than analysts’ forecasts.

According to a survey by Refinitiv, analysts were expecting a 1.75% decline in sales in the same store in the fourth quarter..

Shares of a New York-based company rise 6% in premarket.

At the close of the market on Tuesday, Macy shares&# 39; s fell just over 40% in the past 12 months. The market capitalization of the department store chain is about $ 5.5 billion.

Macy&# 39; s which cut its annual profit forecast in November, blaming weak international tourism and sluggish shopping mall traffic, is one of the first major corporate players to report sales progress during the holiday season, which is considered a barometer for US consumer spending growth.

According to CEO Macy&Jeff Jennett’s holiday sales have benefited from strong online sales and demand for gift items.

Macy's shares rise amid strong selling

US consumers are increasingly spending more money online than shopping at brick-and-mortar stores during the holiday season, forcing traditional retailers to build their apps with more product offerings and delivery options..

U.S. e-commerce sales rose 18.8% from November 1 to Christmas Eve, according to a December 25 report from Mastercard Inc, while total holiday sales, excluding cars, rose just 3.4%..

0.6% drop in owned and licensed Macy stores&# 39; s happened in November and December.

According to Mastercard Spending Pulse, the retailer category, which also includes J.C. Penney and Nordstrom, overall sales decline 1.8% from Nov 1 to Dec 24.