Macy’s (M) is “leading the charge” among its competitors, an industry executive said on Wednesday, which helped the department store post stronger-than-expected quarterly results even as U.S. retail sales disappointed.
The retail giant reported earnings and same-store sales — a key industry metric — that beat Wall Street’s expectations. Macy’s results contrasted with April retail sales that dropped sharply from the previous month.
With Macy’s beefing up its online sales, the department chain is benefiting from retail’s digital trend and customer loyalty, said Marissa Tarleton, CEO of online coupon company RetailMeNot.
“Consumers don’t really think online or in store anymore, they think mobile,” Tarleton said.
It’s easy for consumers to buy what they need with a click of a button. Yet Tarleton said that “millennials are shopping more in-store than ever before” — which means that Macy’s competition might want to follow its lead.
Why the Drop in April U.S. Retail Sales “Wasn’t a Surprise”
U.S. retail sales dropped by an unexpected 0.2% in April, Commerce Department data showed, a sharp reversal from a the 1.7% gain in March. Consumers appeared to cut back on clothes, electronics and appliances.
Tarleton suggested April was an “odd month” that may have been impacted by external factors such as cooler weather and an Easter holiday that fell later than usual.
Sarah Smith is a Segment Producer/Booker at Yahoo Finance. Follow her on Twitter: @sarahasmith
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