Revenue at Macy’s in the first fiscal quarter was stronger than analysts projected, as a number of categories, including jewelry, performed well.
Sales slipped 4.1% year on year to $4.79 billion, the retailer said Wednesday. However, the figure was higher than the $4.42 billion the company was expected to make. Comparable-store sales — at owned and licensed shops open for at least a year — decreased 1.2%. Top-performing categories, including jewelry, drove the improvement.
“We’re seeing improved performance in categories like fine jewelry, certainly the fine watch and fashion watch business has been healthier,” Macy’s CEO Tony Spring said in an earnings call transcribed by Seeking Alpha. “There is this mentality that I’ve got to buy something now. Maybe that’s part of some of the growth we’ve seen in fine jewelry, for instance, maybe some of the big-ticket areas where there’s more uncertainty around the size of the impact of pricing changes that may come over the course of the year.”
Profit for the period fell 39% from the equivalent period a year ago to $38 million.
The company has maintained its guidance for the full fiscal year, expecting sales to be between $21 billion and $21.4 billion, while comparable-store sales will be down 0.5% to 2%.
Image: A Macy’s store in New York. (Shutterstock)
