Macy's sales get a boost from foreign shoppers
Macy's first fiscal quarter brought good news to shareholders as same-store sales jumped 4.2 percent, prompting the retailer to adjust its annual profit projection.
The boost, according to a New York Post report, was driven by big spend by foreign tourists in U.S. retail stores. International consumers accounted for 5 to 10 percent of sales, according to Chuck Grom, a Gordon Haskett analyst.
"Consumer spending remains strong and we saw significant improvement in international tourism spending," said Chairman and CEO Jeff Gennette on a call with analysts, according to the Post. "We anticipate this to continue through the year."
Shares jumped 11 percent following the announcement.