Macy’s Inc. raised its annual outlook and reported its best comparable sales growth in three years, signaling that consumers are still spending despite concerns about inflation and tariffs.
Shoppers carry Macy’s bags in San Francisco, California. – Photographer: David Paul Morris/Bloomberg
Citing strength across the company, the retailer announced on Wednesday that it now expects net sales of up to €21.45 billion for the fiscal year, slightly above its previous guidance of €21.4 billion and exceeding analysts’ expectations.
“This is the beginning of a momentum change at Macy’s,” Chief Executive Officer Tony Spring told Bloomberg News. He noted that the back-to-school season is “off to a good start,” calling it a “good barometer” for the holiday season.
The stock rose as much as 22% in New York trading on Wednesday, marking the largest intraday gain since 2023. Shares of Macy’s had fallen 20% this year through Tuesday’s close.
The New York-based company, which owns Bloomingdale’s and Bluemercury in addition to its flagship Macy’s stores, also raised both the top and bottom ends of its profit guidance. It now expects comparable sales to decline by approximately 0.5% to 1.5% this year, a modest improvement from the 2% decline it projected in May.
Since taking the top role in 2024, Spring has focused on revitalizing Macy’s locations with the most growth potential by increasing staffing, enhancing marketing, and updating in-store displays. The company still plans to close about 150 underperforming stores by 2026.
Management highlighted strong demand in home furnishings, women’s and men’s apparel, fine jewelry, watches, and mattresses.
Bloomingdale’s recorded its fourth consecutive quarter of growth, with denim, beauty, and fragrances all performing well. Spring added that the retailer is exploring new brand partnerships and plans to open additional Bloomie’s small-format stores.
Prices up
Retailers across the board continue to report sales momentum among U.S. shoppers, despite rising prices and economic uncertainty.
Kohl’s Corp. shares surged after the company also raised its full-year forecast. TJX Cos., the parent of TJ Maxx, and Ross Stores Inc. similarly noted that consumers are still spending but are increasingly seeking lower-cost options.
Despite Macy’s raised outlook and solid second-quarter performance, the retailer warned of consumer caution in the months ahead. The company’s revenue has declined year over year for 13 consecutive quarters, underscoring ongoing pressure on its long-term growth trajectory.
Spring noted that shoppers are “being more surgical” in their purchasing decisions and warned that prices at Macy’s are expected to rise due to pending tariff increases.
“We’re going to have price increases. We’ve had some price increases,” Spring told analysts on a conference call. “It’s not a one-size-fits-all. So we’ve tried to be really thoughtful about what categories can bear the cost.”
For the three months ended Aug. 2, Macy’s reported better-than-expected results, highlighting strong performance from Bloomingdale’s, Bluemercury, and the 125 upgraded Macy’s locations. Both net sales and comparable sales beat analyst forecasts.
“These results suggest the company’s recent efforts to drive sales are bearing fruit,” said David Silverman, an analyst at Fitch Ratings. “The company will continue to face a choppy environment in the near future, with cost pressures from tariffs and a somewhat uncertain consumer.”
Long reserved for women or military dress, brooches adorned men’s chests during Milan Fashion Week, a throwback to a bygone era but with jewellery now signalling individuality, not just status.
A brooch by Dolce & Gabbana – Aleksej Shelikhov- Facebook
From huge flowers or watch brooches at Dolce & Gabbana to pins at Armani, the bling passed from hands to jackets during the fall/winter 2026/2027 shows in the Italian city.
“I like these small details, people have to pay attention to them,” said reggaeton star Rauw Alejandro, in the front row at Prada.
Chinese buyer John Chen, 45, sported a gold brooch in the shape of a triangle, the Milanese brand’s logo, on a green sweater just below his neck. “I started wearing brooches about five years ago. I like to play with them” to personalise outfits, he told AFP.
In Armani’s refined yet relaxed collection, some men sported a tie pin on their jacket lapel, while male and female models wore matching sparkling brooches. At designer Rowen Rose, a large orange stone was used to fasten a green or yellow scarf to a matching sweater.
“It gives an extra touch. It’s a good accessory- it’s become very masculine,” said Fabio Annese, a 26-year-old Milanese interior designer sporting a heart-shaped brooch at Dolce & Gabbana.
Known for its extravagant style, D&G has been selling brooches for men since entering the jewellery world in 2015, and they are “still important in more formal collections,” a spokesperson said. Among their offerings are crosses, crowns, scarabs, and flowers in gold and embellished with diamonds, the last costing a cool 7,500 euros (around $8,800).
The trend is in many ways a return to the past. In Europe, until the 18th century, the “most important” jewellery was worn by men, explained Emanuela Scarpellini, professor of contemporary history at the University of Milan.
Wealthy and powerful men used it as a sign of their status, the glittering accessories often signalling membership of a noble family or a religious order, or military rank. It was only with the rise of the middle-classes and businessmen in the 19th century that came “the idea that men should dedicate themselves to work, with a more sober attitude,” Scarpellini said at the launch of a new Milan exhibition.
“The Gentlemen,” on show at the Palazzo Morando until September, reveals how men’s jewellery since then usually served a purpose, such as watches, cufflinks and tie pins. Nowadays “there’s a new freedom,” as with clothing, said exhibition curator Mara Cappelletti, a professor of jewellery history.
“There are fewer jewellery pieces with a function, and more with a freer choice,” she told AFP. “Many of the objects men wear today were not designed for a male audience,” she said, adding that many were vintage. “The brooch has never been so popular.”
Cappelletti noted that the trend was boosted by singers and actors wearing a lot of jewellery, noting a photograph of Italian singer Achille Lauro sporting a huge white gold and diamond sculpted piece on his chest, with matching earrings. All provided by the jeweller Damiani, which sponsors the pop star.
Global beauty business Sephora has announced a strategic, omni-channel partnership with Korean beauty and health retailer CJ Olive Young to bring a wide range of K Beauty products to its global customers.
CJ Olive Young aims to bring K Beauty to global shoppers – Olive Young
The partnership will debut this autumn with omni-channel partnerships set for the US, Canada, Hong Kong SAR, and Southeast Asia (Singapore, Malaysia, Thailand), Sephora announced in a press release on Tuesday. In 2027, the business will bring the tie-up to the Middle East, the UK, and Australia.
“Korean beauty is one of the most innovative, fastest growing, and desirable categories in beauty right now,” said Sephora’s global chief merchandising officer Priya Venkatesh in a press release. “Sephora was the first major retailer to debut K Beauty brands to North American consumers in 2010, and our portfolio has grown into a global business. We are thrilled to partner with leading Korean beauty retailer Olive Young, bringing their expertly curated assortment of Korean beauty brands to our beauty fans globally. Their differentiated assortment, coupled with Sephora’s unique point of view on the beauty shopping experience, will bring an unrivalled and inspiring offer for all beauty lovers who are keen to explore the most sought-after Korean beauty products.”
Sephora shoppers will be able to browse a dedicated zone curated by CJ Olive Young comprising popular Korean health and beauty brands. The business’ beauty advisor will also offer guidance and assistance to customers to help them find their desired products.
“We are pleased to enter this partnership with Sephora as we continue to advance our global expansion strategy,” said CJ Olive Young’s chief strategy officer Youngah Lee. “As global interest in K-beauty continues to accelerate, we see this collaboration as a meaningful opportunity to work together in expanding the reach of Korean brands in key international markets.”
Big beauty firms continue to open statement stores at key UK destinations with Superdrug now choosing to “significantly upsize” at Merry Hill.
Merryhill
It’s set to double its footprint to 16,000 sq ft at the West Midlands mall creating the brand’s biggest UK store to date.
Planned to open in Q2, Superdrug’s recommitment to Merry Hill is the latest in a series of leading brands to “significantly invest” in the centre, with operator Sovereign Centros/CBRE noting a 3% year-on-year sales boost in the beauty category.
It follows M&S’s 100,000 sq ft flagship store opening in November, which also includes a strong beauty element, while Superdrug sister value beauty brand Savers opened a 5,000 sq ft unit last year, also its largest in the UK so far.
The upsized Superdrug store will feature a more extensive range of the latest beauty products, as well as access to treatments such as ear piercing, manicures, and eyebrow threading.
Clare Jennings, property director at Superdrug, said: “This year, we will continue our programme of refurbishing stores, acquiring new sites and expanding existing stores, with Merry Hill selected as the site for one of our largest Superdrug stores in the UK.
“Choosing Merry Hill for this expansion was ideal, given its strong mix of health and beauty retailers and its position as a super-regional hub in the West Midlands. It’s the perfect location to grow our store and continue serving our loyal Merry Hill customers.”
Politics8 years ago