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Jewelry was among the top-performing categories at Macy’s, helping the retailer achieve its strongest fiscal first quarter in four years.
Sales rose 2% year on year to $4.89 billion during the three months that ended May 2, the retailer said Wednesday. Comparable-store sales — at owned and licensed shops open for at least a year — rose 3%, compared to a 1.2% drop last year.
The company delivered sales growth for the first time since the pandemic, explained Tom Edwards, chief operating officer and financial officer at Macy’s. The results were “better than expected” across key income categories, he added.
“Looking at the first quarter, ready-to-wear men’s apparel, fine jewelry, shoes, tabletop, all outperformed,” said Macy’s CEO Tony Spring. The watches categories was also one of the stronger ones, he commented on an earnings call transcribed by Morningstar.
Part of the company’s Bold New Chapter strategy is accelerating and differentiating luxury, which has led to positive results in jewelry and other luxury categories.
Profit for the period soared 66% to $63 million.
The company increased its sales guidance for the full year to between $21.5 billion and $21.75 billion, compared to an earlier expectation of $21.4 billion to $21.65 billion. It predicted comparable-store sales would go up 0.5% to 1.2%, adjusted from a drop of 0.5% to a gain of 0.5%.
Image: A Macy’s store in New York City. (Shutterstock)
