Macy’s has reported its fourth consecutive quarter of comparable sales gains and has raised its full-year sales outlook. The retailer logged higher profit and sales during the first quarter, signaling that its current trajectory is yielding positive results.
These gains are attributed to a reboot of the retailer under CEO Tony Spring. The company's focus on growing its luxury business and improving its product assortment, along with an overhaul of merchandise and improved customer service, have driven increased customer spending.
As part of this turnaround strategy, CEO Tony Spring has worked to close underperforming stores and reinvest in those worth keeping open. The company indicates that these strategic shifts are continuing to bear fruit.