The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Investors searching for any hints that a retail recovery is underway got a glimmer of hope, with struggling department-store operator Macy’s Inc inching back to normalcy.
The department store chain is still losing money as sales remain well below pre-pandemic levels, but CEO Jeff Gennette said demand is picking up across all of its brands. Its adjusted net loss of $251 million in the second quarter ended on August 1 beat the $538 million loss anticipated by analysts.
“Taken in isolation, today’s results from Macy’s would be disastrous,†Neil Saunders, an analyst at GlobalData Retail, said. “However, after a calamitous first quarter, the numbers signal that trade at the iconic department store is starting to come back, even if progress is relatively slow.†The results were read as a more upbeat sign for investors after the coronavirus pandemic prompted a significant pullback in spending on apparel and other discretionary goods earlier this year.