Macy’s CEO Jeff Gennette, in a press release statement and on a conference call with analysts Thursday morning, deemed the department store’s third quarter performance “solid,” touting strong customer acquisition through e-commerce and off-price, and a swing to positive EBITDA a quarter earlier than expected.
The last accomplishment allowed the company to avoid drawing down its asset-backed facility, newly minted Chief Financial Officer Adrian Mitchell, a partner at Boston Consulting Group, said on the call.
Some analysts agreed with executives’ characterization of the quarter. Macy’s adjusted operating margin beat Telsey Advisory Group expectations. “The company experienced solid performance across each of its three banners (Macy’s, Bloomingdale’s, Bluemercury),” Dana Telsey said in emailed comments, noting that digital “remained strong” and that “key categories including home furnishings, jewelry and fragrance each generated a [double digit year-over-year] sales increase, helping to offset weakness in other categories.”Retail Dive