The US department store chain Macy’s remains on course for recovery after the severe business slump in the corona pandemic. In the Christmas quarter, like-for-like sales grew 28 percent year-on-year, Macy’s announced in New York on Tuesday. The net profit increased from 160 million to 742 million dollars (about 654 million euros). Macy’s clearly exceeded expectations.
The stock was initially up more than 5 percent in early US trade. The retail chain, founded in 1858, was already struggling before the Corona crisis and has been undergoing a corporate restructuring with far-reaching austerity programs for years. But since 2021 Macy’s has been back on track – also thanks to a greatly improved online business – and is back in the black. (dpa)