Macy’s is reporting stronger-than-expected profits from the crucial fourth-quarter and comparable sales are up again.
Macy’s posted a surprise third-quarter profit and its strongest comparable sales in more than three years as an extensive overhaul of the 167-year-old New York department store begins to resonate with shoppers.
Americans stepped up their spending at retail stores and restaurants last month in a clear sign that consumers are still able and willing to shop.
Activist investor Barington Capital Group is calling on department store retailer Macy’s to develop an internal real estate subsidiary, reduce capital expenditures, and explore strategic options for its Bloomingdale’s and Bluemercury chains among other changes to boost its slumping stock, according to its proposal made public Monday.
Macy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue.
Macy’s sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending.
Macy’s will close 150 unproductive namesake stores over the next three years, including 50 by year-end.
Macy’s rejected a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan.
