Chilly Winter Leads To Late-Quarter Sales Surge For Macy's
Increased demand for cold-weather gear last month helped push Macy’s to a strong Q4 finish, with sales dropping 4.8%, less than the 5.2% drop analysts predicted. Macy's also put out its 2016 forecast, which saw a 3% climb in share prices, Bloomberg reports.
The news lets shareholders breathe easier after a 47% plunge in 2015, a disastrous year that saw the retail giant shutter underperforming locations all over the country.
CEO Terry Lundgren is optimistic the numbers will keep climbing in 2016 after the strong start—and the retailer's planned $400M belt-tightening will help keep it afloat.
Although Macy's has rejected repeated REIT cries, the retailer plans to monetize its vast real estate holdings to continue the positive momentum. We’re rooting for ya, Terry. Where else are we gonna mail our letters to Santa? [Bloomberg]
