In an interview with CNBC, Macy's CEO Jeff Gennette said company can hold the line on prices because it has fresh merchandise. That has allowed it to bring in new apparel, home goods and other gift-giving items. He said it is not seeing customers trade down to cheaper brands.
Here's how Macy's did in its fiscal third quarter ended Oct. 29 compared with what analysts were anticipating, based on Refinitiv estimates:Revenue: $5.23 billion vs. $5.2 billion expected Compared with other retail players, Macy's has missed out on huge gains in sales during the pandemic — even as shoppers spent stimulus checks. Its revenue has remained relatively flat, coming in at $5.17 billion during the third quarter of 2019, at $3.99 billion in the third quarter of 2020 and at $5.4 billion in the third quarter of 2021. That compares with $5.23 billion in the third quarter of this year.