NEW YORK | Macy’s profit surpasses expectations, shares soar

16May - by Editor - 0 - In STL.News



NEW YORK | Macy’s profit surpasses expectations, shares soar

NEW YORK (AP) — With customers in a mood to spend, particularly on clothing, Macy’s surpassed all profit and revenue expectations for the first quarter of the year and raising its outlook.

Its shares surged nearly 7 percent Wednesday, and the results helped the stocks of other department store chains, all trying to appeal to shoppers who are spending more online.

Macy’s, the first of the major department store to release its quarterly results, has been expanding its store label brands, adding more of the off-price Backstage stores, and upgrading its checkout technology to make it faster and easier for shoppers.

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