Macy’s and Neiman Marcus are shining again. This is primarily due to the US government, which supports stimuli for consumption, and the vaccination campaign. But the resourcefulness of retailers also plays a role. Investments in digital are the key drivers of the recovery for Macy’s. Factors that have evidently benefited the Neiman Marcus group, which is rising from the bankruptcy that ended on September 25, 2020, and claims to have had three excellent months.
Stimuli for consumption
Macy’s first quarter revenues was +56%, to 4.71 billion dollars. Better than analysts’ forecasts which were 4.37 billion dollars. Adjusted earnings are 39 cents per share, compared to a 41 cent loss forecast quoted by Footwear News. According to president and CEO Jeff Gennette, Macy’s has exceeded the sales expectations of all three of its brands: the eponymous chain, Bloomingdale’s and Bluemercury. “The momentum and strength of our digital business are reshaping the way we interact with customers as an omni-channel retailer,” adds CFO Adrian Mitchell. Finally, Macy’s raised expectations for the full year.
Neiman Marcus
In a confidential report with restricted access, Neiman Marcus is reportedly experiencing a “rebound” in business. Sales in the fiscal third quarter, which ended May 1, were up 43%, while remaining below 2019 levels. Geoffroy van Raemdonck, CEO of the group, told WWD that he has seen double-digit growth in the man and accessories sectors, in particular sneakers. The manager himself points out that online sales are strong, while tourism sales languish. As reported by The Mercury News, on the afternoon of Wednesday May 19, the Neiman Marcus store in Palo Alto suffered the theft of 43 luxury bags worth 150,000 dollars.
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