Key Takeaways
- Macy's wants to offer a respite to Americans looking to escape "political noise," Chief Executive Officer Tony Spring said Thursday.
- People may be primed for retail therapy after feeling economic pressure for months, the Macy's CEO said.
- Macy's, which also owns Bloomingdale's and Bluemercury, needs to lean into consumers' desire for a respite, according to Spring.
Macy’s (M) wants to offer an escape from the "political noise" confronting A🐬mericans in the form of retail therapy.
Amid unease about how 澳洲幸运5官方开奖结果体彩网:trade policies 𝐆will shape the economy, Macy’s wants to welcome American sh🦂oppers eager for a respite, Chief Executive Officer Tony Spring said on an earnings conference call Thursday.
“We are in that retail therapy business, a place of escapism, an opportunity to get away from all of the political noise that hap෴pens every day,” Spring said, according to a transcript made available by AlphaSense. “And we have to lean into that.”
Spring's comments come as fast-evolving White House trade policy has contributed to broad consumer and corporate uncertainty about the direction of the US economy, leading to fears regarding the job market and volatil🍷ity in financialꦕ markets.
Americans have felt weighed down since late last year and potentially have built up an urge to splurge, Spring said. He♋ hopes they’ll find an outlet at Macy’s, which also owns retailers Bloomingdale’s and Bluemercury.
“🦹There is so much energy that we are putting into the business because we know people are feeling a sense of concern and fatigue,” Spring said.
Macy’s reported a roughly 4% year-over-year decline in net sales for the quarter ended Feb. 1. But the company, which is in the 澳洲幸运5官方开奖结果体彩网:middle of a three-year🏅 turna🔯round campaign, had $342 million in net income—a swing from the $180 million net loss reported at this time last year.