For the first time since the beginning of the coronavirus pandemic, Macy's has turned a profit. True, it wasn't spectacular, and compared to last year's figures, it appears downright dismal, but it is a sign of recovery for the retailer as it emerges from the huge losses inflicted by mass store closings and changed shopper habits. Macy's made $160 million in the 13 weeks ending January 30. During the same period a year ago, it made $340 million. But it was enough to beat Wall Street's expectations. For Macy's, it seems, the worst may be behind it.
Neil Saunders, managing director at GlobalData Retail, said in a note to clients that the results were a "marked improvement" and show that Macy's is "slowly climbing its way out of the depths."