What: Macy’s CEO spoke about its hope for the holiday season to bring a spike in sales while the retailer continues deepening markdowns on summer merchandise, despite claiming inventories are in an adequate position.

Why it is important: While Macy’s Q3 showed declines, the results beat Wall Street’s expectations leading stock prices to jump 15% from 2.96 dollars per share to 22.67 dollars.

Macy’s reported that total sales declined 3.9% to USD 5.23 billion from USD 5.44 billion one year ago but inched up 1.1% compared to 2019 Q3 reports. Macy’s CEOs hoping to see a seesaw pattern for holiday sales with an increase between Thanksgiving and Christmas due to the colder weather, the Toys “R” Us rollout and the launch of the marketplace on macys.com. These factors will expand the brand and product offerings, plus new and improved pricing and markdown management systems will allow for efficiency when meeting client demands.

Macy’s prepares for Christmas following Q3 declines