Omnichannel

Macy’s didn’t have a super jolly holiday

Photo by istock.com

January 11, 2023

Macy's department store is sticking to its Q4 guidance despite a holiday season that didn't prove as rewarding as expected.

The brand expects sales for year's end to be near low to midpoint of its initial expectation of $8.16 billion to $8.4 billion, according to a Wall Street Journal report.

"Based on current macroeconomic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half," Macy's CEO Jeff Gennette stated last week, according to the Journal. The CEO had issued a sales outlook prior to the holiday season hitting full swing that he expected a slowdown in sales given inflation and consumers dealing with a tighter budget.