What: 2021’s Q1 performance exceeded expectations on both the top and bottom lines.

Why is it important: Macy’s beats Wall Street estimates.

It expects sales between USD 21.73 billion and USD 22.23 billion, much higher than the USD 19.75 billion to USD 20.75 billion range it forecast earlier. Comparable sales are up 63.9% vs. 2020 and digital sales grow of 34% vs. 2020.

The department store chain is benefiting from easing restrictions, relief checks and a return to normalcy as people attend events and get back to offices after a year of staying at home.

People are shopping for fine jewellery and watches, fragrance and luxury items, and “special occasion categories” have seen an improvement as customers return to a pre-pandemic lifestyles.

Macy’s is placing its bets on big investments in new stores and technology to draw customers at a time when more people are shopping online.

Macy’s Raises Annual Forecast as People Return to Stores 

Macy's Inc Reports First Quarter 2021