1119 ET - Macy's has made good progress at improving sequentially and posting positive comps for the third consecutive quarter, and showed strength in luxury banners Bloomingdales and Bluemercury, TD Cowen analyst Oliver Chen says in a research note. Better customer experiences may drive growth, but the department store chain still needs to prove how quickly it can apply capital-light changes to its store base. "Looking ahead, we are also monitoring the drag from store closures, merchandise margin improvements and higher younger customer relevance driven by balanced owned and market brand innovation," Chen adds. Shares fall 1.4% to $16.34. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
December 12, 2024 11:19 ET (16:19 GMT)
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