will release fiscal first-quarter results early Thursday, and investors will be keen to know if its buyers’ spending habits have held up as well as they did at
(M) to earn 82 cents per share, more than double the 39 cents a year earlier, on revenue of $5.33 billion, compared to $4.71 billion last year.
The results follow a better-than-expected report from another department store
(JWN), which bucked the trend of a gloomy outlook this earnings season with a solid increase in its forecast.
That said, Nordstrom tends to cater to a more affluent clientele than Macy’s.
(KSS), on the other hand, disappointed when it released its results last week.
Retailers in general were quite divided this quarter, as those with a low-income primary customer, such as
(WMT) seeing buyers pull back a bit. Those higher up the income ladder haven’t seen much demand destruction.
Macy’s tends to be somewhere in the middle, so the market will want to know how its consumers are handling the current environment, as well as whether or not the company has been able to handle supply-side demands, like higher transit costs, which have weighed on so many retailers recently.
Write to Teresa Rivas at [email protected]