×
71 656
Fashion Jobs
BLOOMINGDALE'S
Asset Protection Detective, Full Time - Glendale
Permanent · Glendale
MACY'S
Asset Protection Detective, Tucson Mall - Full Time
Permanent · Tucson
MACY'S
Asset Protection Detective, Santa Maria Town Center - Full Time
Permanent · Santa Maria
MACY'S
Asset Protection Detective, West Dade Miami Int'l - Full Time
Permanent · Miami
MACY'S
Asset Protection Detective, Square One - Part Time
Permanent · Saugus
MACY'S
Asset Protection Detective, Roosevelt - Flex
Permanent · Philadelphia
MACY'S
Asset Protection Detective, Providence Place - Full Time
Permanent · Providence
MACY'S
Asset Protection Detective, Tysons Corner Center - Part Time
Permanent · McLean
MACY'S
Asset Protection Investigator, Cheshire - Full Time (2840)
Permanent · Cheshire
MACY'S
Asset Protection Officer, Cheshire - Full Time (2840)
Permanent · Cheshire
MACY'S
Asset Protection Detective, Warwick Mall - Full Time
Permanent · Warwick
MACY'S
Asset Protection Detective, Smith Haven - Full Time
Permanent · Lake Grove
L'OREAL GROUP
Director Global Marketing Thayers Skincare (Brand Identity + Campaign)
Permanent · New York
L'OREAL GROUP
Director Global Marketing Thayers Skincare (Brand Identity + Campaign)
Permanent · New York
L'OREAL GROUP
Director - Finance Transformation
Permanent · New York
URBN
Free People: Senior Buyer, Denim/Bottoms
Permanent · PHILADELPHIA
UNDER ARMOUR
Stock Lead, ft
Permanent · NIAGARA FALLS
PUMA
District Manager - South Florida (Miami)
Permanent · SOMERVILLE
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · WINCHESTER
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · FRESNO
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · SANTA BARBARA
SALLY BEAUTY CORPORATE
SEO Specialist
Permanent · DENTON
By
Reuters
Published
May 27, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Macy's raises profit outlook as demand for high fashion picks up

By
Reuters
Published
May 27, 2022

Macy's raised its annual profit forecast on Thursday, helped by strong demand for high-margin apparel from consumers returning to weddings and other social events, even as red-hot inflation saps consumer spending power.


Reuters


​The department store chain's shares rose 13.8% to $21.86 in premarket trading as the company joined rival Nordstrom Inc in bucking a trend of profit warnings from major retailers who are seeing consumers prioritize spending on household essentials

Macy's, hit hard by store closures during the pandemic, said consumers were shifting back to in-store shopping from online faster than expected as they ditched casual and athleisure apparel for more expensive dresses, formal wear and shoes.

"(The shift in demand) contributed to an increase in store foot traffic as consumers are more likely to shop in person for occasion-based apparel," Macy's Chief Executive Officer Jeff Gennette said.

The company has also been stocking up on evening gowns, expecting to benefit from social events gathering steam and ahead of what is predicted to be the biggest U.S. wedding season since 1984.

Still, Macy's said it expects more markdowns in the second quarter to get rid of excess inventory of more casual apparel, which is seeing slowing demand.

High-end fashion has also been relatively insulated from the effects of inflation so far this year and companies including Macy's, Nordstrom and Ralph Lauren Corp see affluent consumers continuing to spend.

"From the results we've seen, high-end consumers are more resilient to inflation, while the average consumer is struggling a bit more," Jessica Ramirez, retail analyst at Jane Hali & Associates, said.
Comparable sales at Macy's luxury-focused Bloomingdale's stores rose nearly 27% in the first quarter.

Macy's expects fiscal 2022 adjusted earnings per share of $4.53 to $4.95, compared with its previous forecast of $4.13 to $4.52. It also beat first-quarter profit estimates.

© Thomson Reuters 2023 All rights reserved.