- Macy's announced stronger-than-expected profits for the fourth quarter but issued a warning about “tension” and uncertainty around the effects of the Iran war.
- The retailer, which also operates Bloomingdale's and Bluemercury, attributed its improved performance to a merchandise overhaul and enhanced customer service.
- Despite the positive Q4 results, Macy's provided a mixed outlook for the current year, forecasting sales above expectations but a conservative projection for profits.
- Macy's has not yet seen costs for shipping increase but its CEO said if the Iran war drags on, it may be a different story. The company can absorb some costs but eventually must pass on some of those costs to shoppers.
- “I just don’t know how long this war is going to last. I don’t know how long the (Strait of Hormuz) is going to be disrupted,” CEO Tony Spring told The Associated Press. “I don’t know whether the Supreme Court ruling and the tax refunds are going to happen. I think we have to lean into what we can control, and then I think that we have to respond accordingly as we learn more.”
IN FULL
Macy’s store changes pay off as retailer reports strong Q4 results but braces for Iran war woes
