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Strong demand for luxury goods and a loosening of supply chain issues helped underpin a forecast-beating quarter for Macy’s, prompting the upmarket department store retailer to boost its earnings forecast for the fully year.

The New York-based company reaffirmed its sales guidance, but forecast full-year earnings, on an adjusted basis, to be in the range of $4.53 to $4.95 a share, compared to previous expectations of $4.13 to $4.52.

Investors welcome the upgrade and Macy’s shares jumped 14 per cent in pre-market trading on Thursday.

Comparable sales, a popular industry metric, increased 12.8 per cent year-on-year in the three months to the end of April. Net sales rose 13.6 per cent to $5.3bn, which just beat analysts’ forecasts for the quarter.

Profits at some US retailers, like Walmart and Target, have recently taken a hit as decades-high inflation shifted consumer behaviour towards lower-priced merchandise. However, Macy’s said its customers appeared resilient and had snapped up higher-priced items like luggage and tailored clothing.

“While macroeconomic pressures on consumer spending increased during the quarter, our customers continued to shop,” chief executive Jeff Gennette said. “We saw a notable shift back to occasion-based apparel and in-store shopping, as well as continued strength in sales of luxury goods.”

Luxury fashion retailer Ralph Lauren and high-end home goods retailer Williams Sonoma this week reported strong earnings in their most recent quarters, a sign demand from less price-sensitive consumers remains resilient despite inflation.

Macy’s gross margin widened in the first quarter and was 39.6 per cent, up from 38.6 per cent in the first quarter.

The company reported net income came in at $286mn, compared to $103mn from a year ago, and beating analysts' expectations for $252.3mn.

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2022-05-26 12:56:04Z
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